mcm reporting recent 90 days late

Anonymous · ‎08-10-2015

Hi, I just joined and have a mcm collection($126) about 4 years old and it is preventing me from getting a mortgage. it's reporting recent activity and a recent 90 day late payment when I did not have any payment arrangements made with them. Is this ok for them to do? In april they were not reporting it as late untill after i diputed the collection and it was verified' then after that they reported it as 90 days late. when the dispute was removed my middle score dropped from 722 to 641 and now i cant get the mortgage that i already paid for inspections for and I am out that money now. i paid my credit card balance down to 1% got my score up to 666 but still not good enough due to the recent late payment. I've tried negotiating a pay for delete they wouldn't do it and as a last resort as instructed by my lender i paid the collection(paid in full) and got a 0 balance letter from mcm stating they will report as paid in full and we are doing a rapid rescore. my lender is thinking that the paid in full will make the recent late go away and improve my chances of approval. i was just wondering what you guys think is this right for mcm to do? Is my lender thinking correctly? and is there anything else i can do to get the recent late removed quickly?

thank you in advance for any help you can give

Anonymous · ‎08-10-2015

@Anonymous wrote:
Hi, I just joined and have a mcm collection($126) about 4 years old and it is preventing me from getting a mortgage. it's reporting recent activity and a recent 90 day late payment when I did not have any payment arrangements made with them. Is this ok for them to do? In april they were not reporting it as late untill after i diputed the collection and it was verified' then after that they reported it as 90 days late. when the dispute was removed my middle score dropped from 722 to 641 and now i cant get the mortgage that i already paid for inspections for and I am out that money now. i paid my credit card balance down to 1% got my score up to 666 but still not good enough due to the recent late payment. I've tried negotiating a pay for delete they wouldn't do it and as a last resort as instructed by my lender i paid the collection(paid in full) and got a 0 balance letter from mcm stating they will report as paid in full and we are doing a rapid rescore. my lender is thinking that the paid in full will make the recent late go away and improve my chances of approval. i was just wondering what you guys think is this right for mcm to do? Is my lender thinking correctly? and is there anything else i can do to get the recent late removed quickly?
thank you in advance for any help you can give

Take a look at this thread for the late reporting

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Collection-Agencies-can-report-late-payments/td-p/1882181

They can update their reporting every month to keep it "fresh" and supress your score.

What kind of collection is it? I don't think any techniques would help resolve this fast enough to get your mortgage pushed through with your previous score. Your lender's suggestion of PIF and rapid rescore is probably your best option in the immediate term.

Anonymous · ‎08-10-2015

Ok thank you (Its a tmobile acct sold to midland funding)so they aren't supposed to report monthly lates but they did and I want this fixed whether I get this house or not so after I'm done with this home loan application what can I do? redispute? My lender said something about filing a complaint with FTC

gdale6 · ‎08-10-2015

A JDB cannot report an account like an OC can with monthly payment history or 90 days delinquent, etc. they need to report it as a collection account with terms of 1 month and they can update it monthly till its paid. I would file a CFPB complaint if they are trying to report like an OC http://www.consumerfinance.gov/complaint/

RobertEG · ‎08-10-2015

Are you sure that the showing of the 90-late is not based on a late with the OC, not the debt collector?

Is the month/yr of the reported late clearly a date after the collection was opened, and reported by the debt collector?

Debt collector reporting is retained in a separate segment of the consumer's credit file, called the K-segment, which does not provide for reporting of lates on the collection.

Thus, that raises the question as to how the credit report would show a late on the collection.

Anonymous · ‎08-10-2015

here's how it shows up on my report

[IMG]http://i260.photobucket.com/albums/ii32/ftwdeviant1/Mobile%20Uploads/Screenshot_2015-08-10-14-37-41....