Should I take a chance?

[inquring_minds]

My scores are EQ 758, TU 732, EX 679.

Experian is still showing a paid collection which is keeping my score low.  EQ & TU graciously removed the paid collections.  I am thinking of disputing in hopes that it will be removed, but not sure how risky this could be, particularly since I plan to start the mortage pre-approval process.

You think it's worth a shot?

[Anonymous]

Is the Collection valid?

[inquring_minds]

Yes, however the collection agency does not have the dates correction on one of the accounts.

[Anonymous]

Your mid score is still really strong, and that is what mortgage lenders look at.  I might consider just leaving it alone until you're done.  It would suck to have it pop back on your other bureaus. 

[inquring_minds]

Carrot1 you are right.  It's best not to wake the sleeping dog!

It would be nice to have all of my scores over 720

[llecs]

Don't dispute. Check out your org. EX report directly from EX. You will find a drop off date. Make sure that jives with your account of DOFD (subtract 7 yrs). I often find that the other dates like DOLA and DOFD are often wrong or off.

I you have to buy a house now, then I wouldn't rock the boat, unless you had a letter from the CAs to completely delete. Otherwise, if you were to gamble, then I'd suggest a GW first to the CAs and if that doesn't work, the send a DV to these paid CAs.

[inquring_minds]

Thanks, but what should I do? the drop off date isn't showing on the Experian report (direct from Experian).

[RobertEG]

First, I dont understand how EQ and TU "graciously dropped an account."  They report what is sent to them, so it apparently was dropped due to a CA request to them.  Confusing.

Second, there is nothing under the FCRA that prohibits the CRAs from maintaining data in your credit files for any length of time, period.  The FCRA prohibitions only extend to what they can provide to a creditor.  It is normally 7 years plus six months from the date of delinquency that led to a collection account.  But there is a specific exemption in the FCRA that permits the reporting of prior delinquencies without regard to the 7 year limit for any loan or insurance application of $125,000 or more.  So do not assume that if you apply for a mortgage loan of $125K or above that the lendor will not receive report of the prior CA.  It depends upon the CRA databank, and not any requirement of law.

[Anonymous]

What was the collection for?  You can also call the CRA and ask for the drop date.

Message Edited by HappyDays on 07-06-2008 02:22 PM