I just had a second old collection account pop up and be reissued as new. This one from 2006 and a medical one. The previous one was from 2007 and some bogus collection. My reports now say that I have 2 NEW collections and my scores have tanked. I had originally posted about this issue here because I needed help in regards to my HOME PURCHASE not REBUILDING MY CREDIT, but it was moved anyways.
Whatever.
I had contacted my broker with the first issue and she had "no clue" what to do about it or any advice to give me. Really?? I thought a broker would have some type of idea what kind of effect this would have on my ability to get a loan. I'm really not impressed and very very very unhappy with this whole entire situation. Now I get to call this ignorant lady ( NOT WHO I WAS INITIALLY WORKING WITH) and tell her that situation #2 has happened that she doesn't know what to do with.... Then tell her if she doesn't have any advice for me she can take this contract and shove it. I'll take my earnest money back and continue to pay rent. My credit was almost 700 4 weeks ago... Now it's right below a 600!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I'd cry if I wasn't so ticked off.
Sorry to hear this. I don't have any input other than to wish you well and to say that you may want to do the 'opt out' feature (not sure if this is what it is called) on your credit report to block creditors/collectors from being able to view your credit report. I heard that collectors sometimes look for those who are applying for mortgages in hopes of sticking them with old collections and forcing them to pay. Heard of this before?
I had opted out back in November and didn't start this process until Jan/Feb... and yes, I have heard of it before. I filed a complaint with the BBB for the first one. I just got the hit for the 2nd one today. Neither one sent me any type of "dunning" notice, and the creditor for the 2nd one is the same one that has held it all these years. I had insurance at the time and the hospital didn't bill them. I'm not giving them a penny. If it costs me the house, so be it.
It is FHA and I'm not worried about the new rules because received my FHA number back in March when we went under contract and discussed this with the initial person I was working with. My HUGE issue is that I am going through a down payment assistance program and HAVE to use this broker (why I had to change people, same company different office due to contracts with the non-profit)... they want a 640.
I really am so discouraged right now. I worked really hard to get my scores up over the past few years and thought I really had a chance at buying a house to have a home for my kids... and so proud that I had worked so hard and was able to do it with just me... I've been sitting under contract since March 9th... waiting... and the only thing that has happened is my credit getting screwed.
If they are old debts, how do they tank your scores???
They were already on my reports... and had sat for years... now they've been renewed but the date of first delinquency was changed to May 2012. Statue of Limitations in my state is 7 years. One was due to fall off mid next year and the other was only 4 1/2 years old. I haven't had a single negative on my credit since 2007 and now these get reissued. How can they keep renewing them? It's like double jeopardy, especially since I don't owe one at all and the other should have been billed to my insurance. By the time I realized I had a collection (moved 4 times and never had a notice) it was already 2010 when I found out I could pull my reports for free.
I agree with IOBA. They may not run it again!! Praying for you!!!
