05-17-2013 01:52 PM
I was working with a mortgage broker (who I now know is uneducated and gave me the wrong info) and he told me to pay off my medical collections. I had one account that was sent to collections without my knowledge and instead of it reporting 1 collection for $1800, (I had continued to make payments to providence) they reported it as 11 separate collections based on the date of service. I paid these collections and when they updated as paid, pulled my 3 reports from equifax. Those scores showed
So I was super excited and had the mortgage broker pull my credit. This is what he pulled
He told me I needed a 640 miniumum score to get a mortgage.
There is one more account that I am waiting for to roll off, it is a much older collection that should stop reporting on the 7th of june, so he said he would talk to his credit specilist to see if when that rolls off, if it would bring me to a median score of 640.
(The 11 collections were from 2/12 all medical)
He called me back later that day to tell me that since I had disputed the 11 accounts, I had to remove the disputes on the paid accounts. He said that when I remove the disputes, it would drop my score substancially because it is not being factored into my score at the time becasue it is disputed. He told me that at this time I do not qualify for a mortgage.
I Make 57-60 a year, have had my job for over 7 years, I have never been late on a CC payment or a student loan payment or a car payment in my life. All of my credit cards have at least 2-3 years or more in excellent payment history and were paid off completely just recently.
Since he was so terribly wrong about paying off the collections before running credit, I am hoping he was also wrong about the drop in score. Help!
(Fico score pulled today shows 629 fico)
05-17-2013 02:44 PM
If you disputed the collections accounts your score should not have dropped. Collections and PR are totally scored during a dispute. It is only certain aspects of an OC account that are removed from scoring.
Since all of those medical collections are paid I would call whoever is reporting and see if they will delete them. Explain you are trying to buy a house and these a stopping you from doing that. They don't have to but maybe they will.
05-18-2013 05:21 PM
I doubt they will.. I offered a pay for delete and they refused.
Do you know what aspects were left out of scoring becasue of the dispute status?
05-18-2013 06:52 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO