I spoke to my loan officer today who informed me that the statute of limitations is 7 years (but when I look up michigan law for collections, I see 6 years everywhere)
He also told me that with mortgages, collections will report past the usual 7 years up to 9 years.
Has anyone else heard this??? I haven't found that anywhere through all of my reading.
How do I put this? Your LO is an aidiot? Federal law mandates the CRTP, I suggest he go back to school.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
Yea, what Shogun said!
couple more things he said that made me raise an eyebrow....
1) that my 3 collection accounts are currently in dispute....
2) that because they are in dispute, i'm not able to be scored by them with fico ?
the facts are that i DID dispute these...in 2013. the creditor simply updated my status to unpaid. fine. But a "consumer statement" is showing that i disputed.
so, since its been over a year can i safely assume that he is flat out wrong and my ficos he gave me are accurate? that my collections ARE factored into thse scores?
i have a stupid fraud alert on eq that they said would be removed, but wasnt. i have no idea what this does. my report states "extended fraud alert, file blocked for promotional purposes. expiration: 3/22/2020" not a typo. **bleep**
OP,
I merged your threads together to avoid duplication. In the future, please refrain from cross-posting across multiple boards.
~Lexie, myFICO Moderator.
@jbishop1001 wrote:couple more things he said that made me raise an eyebrow....
1) that my 3 collection accounts are currently in dispute....
2) that because they are in dispute, i'm not able to be scored by them with fico ? aspects of them may be removed from scoring if dispute comments are appearing on that TL.
the facts are that i DID dispute these...in 2013. the creditor simply updated my status to unpaid. fine. But a "consumer statement" is showing that i disputed. so, since its been over a year can i safely assume that he is flat out wrong and my ficos he gave me are accurate? They are accurate at that moment of time based on what was in your report. that my collections ARE factored into thse scores? Refer to above #2.
i have a stupid fraud alert on eq that they said would be removed, but wasnt. i have no idea what this does. my report states "extended fraud alert, file blocked for promotional purposes. expiration: 3/22/2020" not a typo. **bleep** i have all 3 credit reports in hand all less than a month old. i see everything he does. Call them on the phone if you have a report number and get it removed that way.
he also didnt know what i meant when i asked which fico model was used. he said there is only 1 fico. ???? The LO is a fool and I am shocked he is a LO. There are many models of FICO, year models 98, 04, 08 and inside each of these is 49 sub models. Mortgage pull is usually a mortgage enhanced FICO model.
how can i tell though? how do i know if aspects arent being scored? he said i need the collections removed to improve my score, but i dont even know how much 6 year collections are holding me back anyway? i understand my score is "accurate" at the time its pulled, but i mean accurate as in if they were reflected as not disputed.
@jbishop1001 wrote:how can i tell though? how do i know if aspects arent being scored? he said i need the collections removed to improve my score, but i dont even know how much 6 year collections are holding me back anyway? i understand my score is "accurate" at the time its pulled, but i mean accurate as in if they were reflected as not disputed.
You can't use Desktop Underwriter with dispute comments let alone real disputes on there.
Get them off period, doesn't matter if they're affecting your score (usually positively if we're talking disputing derogatory information) or not: can't get underwritten with them, so it's moot.
just had them all taken care of, actually! ex & trans easy! equifax took forever. saw an increase on quizzle. but dte reported back as open, too. so idk what helped. i do see the 3 collections included in my total accounts now. didnt before. 38 points & not sure if ficos even affected
I'm going to try to give you as much info as I can in what I think is in regards to your situation. Mind you, I'm no so-called expert on this, but this is my take on each situation.
1.) So called baddies, ie: collections, lates, COs, etc. have a time period called the CRTP set forth by the FCRA as to how long they may remain on a CR. This is 7 years, and in the case of COs, 7 years +180 days. Now, there are 3 reasons that a FULL CR can be pulled including those tradelines that have been excluded because of passing the CRTP.
a. Applying for a loan, ie mortgage in excess of $150K
b. Underwriting a life insurance policy in excess of $150K
c. Applying for a job where the salary or expectation of salary exceeds $75K
Now the pulling of this type for a mortgage is not of the norm, most don't do it, but a few do. I usually tell those that have those lenders that pull this full report and give them hassels to go with another lender. But that's just my opinion.
2. When an item from the OC is in dispute, certain aspects of the debt are removed and full scoring is not obtained for that tradeline. This does not give an accurate scoring for that tradeline, so that is why they require disputes to be removed, so it shows the whole picture.
3. Fraud alerts should be removed, you can do this pretty easily.
4. As gdale pointed out, there are several FICOs, and since your LO is supposedly in finance and is using the FICO scoring system on loans, they should know that. The current most popular FICOs for mortgages are as follows.
a. EQ Beacon 5.0
b. TU Fico 04
C. EX Experian v2
5. Of course all collections should be removed, that's an easy statement for your LO to make. But that's not how it works, you don't just remove them. You can work on cleaning them up through PFDs, GWs, etc., but that's it. You said yours are six years old, so they're on life support. They do fade with time, but you may have to explain some of these to your UW. That's not a problem, if they ask, just be honest and forthcoming.
6. I don't know what the rest of your file looks like. Is it thin? How many accounts and what types do you have? You need good accounts to offset those baddies.
Anyway, this is my take on it. I do wish you the best of luck, and if you have any questions let us know.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
Thank you for taking the time to respond. I really do appreciate it.
1. It seemed like they pulled a full CR. However, I was not applying for a mortgage over $150k. I was thinking in the range of 70k-100k, depending on how the payments worked out.
2. It wasn't from the OC. It went to collections and I disputed it last year (when it was almost 5 years old). Recently had the dispute comments taken off and saw a fluctuation of increase/decrease among monitoring sites. Quizzle (vantage) went up. Credit Sesame (national ex equivilancy) can't score me now (but for other reasons). Credit Karma never could. (credit.com went up. freecreditscore.com went down)
I did a re-pull of my Equifax after I found out the disputes were off - and it dropped 5 points from 579 to 574.
3. I believe I was finally successful with removing fraud alert from Equifax, just waiting for a confirmation report in the mail. I don't understand why it said "file blocked for promotional purposes"
4. I know, that is what I thought. I got in contact with this particular loan officer from Lending Tree. I looked him up and it said he works for Quicken Loans/Gold Star Financial in Michian. Seemed reputable, but didn't seem to know what I was talking about. "We just use FICO."
5. Yes, I understand howo to take care of collections. I just don't have the cash to pay them off right now. And I'm not entering a payment plan. I don't want to reset the statute of limitations AT ALL. My plan is to wait until after Oct 11th (ODOD) of this year when they don't legally have the right to sue me. I want to do PFD - just not sure how successful I'll be. Money Recovery Nationwide. $279, $239, $279. 3 medical collections.
6. Yes, my file is thin. I just opened up 2 revolving accounts. A secured card ($200) and Fingerhut ($300). I've already researched how to maintain these accounts regarding utilization, on time payment, etc. Basically, I'm all set to put these accounts in good standing. Problem is, their age. They're only new accounts and I know FICO can't score me on them until after 6 months. Secured card was opened in April. Looks like October is going to be my month to try again. I also have my DTE account reporting. (Utility) I have had several late payments in the past (most recently in March). That's how my score got so low - because it was the only open account reporting (only to Eq & Ex). TransUnion should skyrocket in October.
In your personal opinion, do you think the added accounts and 6 months of excellent payment history and good utilization will bring my score where I need it? Looking for 640 mid score.
FICO
Experian: 560 5/21/14
Equifax: 574 5/22/14
TransUnion: 0
If you want an extremely unecessary in depth look at my situation, please see below. All reports should be accurate and I'm looking forward to seeing more updates after my credit cycles end. (Last day of May & Mid-June) I've been trying to hard to find out if I can expect changes now that my info is accurate, but every one just keeps telling me to wait. I refuse! I will be signing up for ScoreWatch TOMORROW because I just found out that my info was updated and now I can actually verify my identity with MyFico! This has been a tough road so far, but I feel like I'm on the right track. Can't wait to see where I end up!
I will be posting the following in a seperate post and updating it whenever anything changes.