Long story short, our lender was going to try and rescore our credit after we paid these collections and this is the letter they sent but the lender needs the language updated to state the bureaus HAVE BEEN (present tense) notified and they state "will be notified as soon as possible". I thought with bank statements of my cleared transactions plus the delete letters would be adequate but I was mistaken. Are these letters legitimate at all? I can only hope the CA reports to the bureaus soon. I understand the new changes will take place on July 1st for paid collections but our moving situation was very unexpected and time-restrained. Just hoping to get some more understanding of these letters and any advice would be greatly appreciated. Thanks so much. (So sorry, I can't seem to post the picture)
Hi and welcome
Your post is a bit unclear, so help me understand
I think lender wants to see collection amounts updated to zero on CRAs and/or completely removed, they cannot rescore you based on bank statements.
Also, removal is for paid medical collections only, not any paid collection.
Are they medical?
Yes, they are paid medical collections. And that's my understanding from the lender, he needs documentation from collections stating they HAVE updated information with the CRAs.
CAs do not (normally) write letters for lenders. If they provided you with the receipt, you can show that to the lender, but that's still not going to be sufficient.
CA must update balance to $0.00 or if it's one that does PFD, remove completely.
That's when lender can rescore.
Once you see collection accounts gone from all three CRA, you can let your lender know or show them copy of your report and ask they rescore at that point.
It was a PFD and the collections are being updated and removed in the last day. So I don't believe we need a rapid rescore but just a rescore.. am I correct in assuming there is a difference between the two?