New Contributor
heathuhhhhwebbbb
Posts: 153
Registered: ‎10-18-2012
Collections on Credit Reporting

‎11-15-2012 06:24 AM

Just a question.  I'm planning to try to get a house in about 6 months to a year, and am wondering how picky lenders are when it comes to medical collections on your credit reports.  I have 2 that show up on my Equifax, 1 showing up on Experian, and none on my Transunion (not sure why the variation).  Both DOFD are from March 2011, and one is for $150 and one for $400.  I tried PFD but haven't received any response yet.

 

 

Thanks in advance for the advice.

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11/10/2012: TU FICO 683, EQ FICO 616, EX PLUS 692. No apps until May 2013!
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Valued Contributor
tooleman694
Posts: 1,924
Registered: ‎08-25-2011
Re: Collections on Credit Reporting

‎11-15-2012 06:44 AM

Worst case they will ask you to pay them off. Probably wont even be asked about them.

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webhopper
Posts: 6,758
Registered: ‎09-16-2011
Re: Collections on Credit Reporting

‎11-15-2012 08:51 AM

heathuhhhhwebbbb wrote:

Just a question.  I'm planning to try to get a house in about 6 months to a year, and am wondering how picky lenders are when it comes to medical collections on your credit reports.  I have 2 that show up on my Equifax, 1 showing up on Experian, and none on my Transunion (not sure why the variation).  Both DOFD are from March 2011, and one is for $150 and one for $400.  I tried PFD but haven't received any response yet.

 

 

Thanks in advance for the advice.

Collections can put your loan at risk if the amount is very large...    In some / most states, the creditor can take you to court and get a judgement for these amounts, which can lead to a garnishment of your wages.    A lender will protect himself by making sure that you are not at risk of having a judgment filed since the judgment can be made and can result in a lien on the home or a garnishment of your paychecks.  If your checks are getting garnished, or  your bank account gets a lien, then that would hinder your ability to pay the mortgage...   So basically the lender is just trying to cover the bases and make sure that there isn't a lot of risk floating out there.

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