My son has a really big baddie ($50K CO on a HELOC) which is scheduled to come off in February 2023. For a variety of reasons, he really wants to buy a house right now. His credit is perfect except for this one baddie.
Is there any downside to applying for early exclusion with all the bureaus? Is there any possibility that it might make things worse? The account has been closed and inactive for over 10 years but it is still being reported every month. Am I right to assume that the reporting will stop as soon as the item is removed from his reports?
TIA for any knowledgeable input. No offense, but speculation is something I can do myself. 😛
You've been here long enough to know how EE works in most cases. TransUnion will remove items 6 months early. Experian will 3 months early. Equifax? Nah. Some have said the CRA's do contact the OC to perform EE. Not all the time mostly. With that amount. I wouldnt touch that with a 50' pole. Plus it may come down to going legal since its so close to the fall off date as a last ditch effort. Dont poke the bear I say.
That was exactly my worry, poking the bear and the possibility that the CRA may contact the OC. Having said that, there are 3 states in which BOA might have standing to sue (SC where the property was located, NY where he then lived, and IL where he lives now). In all 3 states the statute of limitations has passed.
Have there been any documented cases here of a CRA contacting the OC with respect to EE requests and decisions? I searched but didn't find any, so I'm looking to the institutional memory here.
AA = "adverse action"? Just guessing. 😊
@NYC_Fella wrote:AA = "adverse action"? Just guessing. 😊
Yeap! That's correct, sorry I didn't clarify that 
Thinking about this one a little more, I'm not sure that an EE request even results in the CRA checking with the creditor. I think they just check the calender against the relevant dates in on the tradeline in question.
@pizzadude wrote:
@NYC_Fella wrote:AA = "adverse action"? Just guessing. 😊
Yeap! That's correct, sorry I didn't clarify that
Thinking about this one a little more, I'm not sure that an EE request even results in the CRA checking with the creditor. I think they just check the calender against the relevant dates in on the tradeline in question.
@pizzadudeI've seen it mentioned only a couple times. Far apart from each other. Cant remember who though. Set off a memory synapsis. But for $50,000!?! Who knows if the CSR will wave a flag. Yo Bank. Check this out. ¯\_(ツ)_/¯