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Hello Everyone,
You all have been so helpful in helping me achieve home ownership. We closed on November 1st and of course it hasn't reported on my credit report but I have had several old accounts that have been put on my report since closing. Is this a result of obtaining a home loan? Is there a way I can stop creditors from adding stuff to my report now? I hadn't had any issues with that for the past 4 years and now since I have my home loan, they are coming out of the wood works.
Are these collection accounts? Are they valid and do they belong to you?
If collectors learn that you own a home they may move to collect. If you don't pay, they can bring action and get a judgment against you, which then goes against your home. That means the judgment will be paid to them when you sell the home (unless the judgment has expired by then).
You may want to post some of the specifics of these new notations on your credit report on the Rebuilding Your Credit forum. There are details on each of these notations that are important, and there may be different ways of dealing with them.
Good luck...
@LynetteM wrote:Are these collection accounts? Are they valid and do they belong to you?
If collectors learn that you own a home they may move to collect. If you don't pay, they can bring action and get a judgment against you, which then goes against your home. That means the judgment will be paid to them when you sell the home (unless the judgment has expired by then).
You may want to post some of the specifics of these new notations on your credit report on the Rebuilding Your Credit forum. There are details on each of these notations that are important, and there may be different ways of dealing with them.
Good luck...
Hi Lynette, I am sorry I was vague. In my mind I had explained it fully It is a collection account from 2008 and it's for a book club that apparently I signed up for. The amount is for 51 dollars. It says the debt is from 2008 and this company purchased the debt in July 2011. I don't have a problem paying it but I need to know if it'll come off of my report instead of negatively impacting it. If it's going to continue to be a negative mark on my report then I don't see how paying it will benefit me. OH and I forgot, I believe i did post this in another portion of the credit board. I wasn't sure where to put it since it kind of relates to my mortgage but it also relates to credit issues.
-----> Is this a result of obtaining a home loan?
Yes, either that or it is a result of mortgage financing inquiries on your CR. EX, EQ, and TU sell your information to CAs who are looking to hit you when you are applying for a major purchase like a home.
I highly recommend OPTING OUT so that your information is not sold to CAs, the timing of this happening stinks when you are trying to buy a home or just closed.
I agree - OPT out of your credit reports immediately!
@pizzadude wrote:
-----> Is this a result of obtaining a home loan?
Yes, either that or it is a result of mortgage financing inquiries on your CR. EX, EQ, and TU sell your information to CAs who are looking to hit you when you are applying for a major purchase like a home.
I highly recommend OPTING OUT so that your information is not sold to CAs, the timing of this happening stinks when you are trying to buy a home or just closed.
Thanks everyone. I did go to that website and opted out for both myself and my husband. I thought I had done this somewhere in my loan paperwork but apparently not.
You can opt out on line for 5 years. Or lifetime by printing the form and mailing to address listed.