Exciting news but also question.

[Shogun]

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@Anonymous wrote:

Thank you for your responses. I agree that having a clean report is the best way to go. The debt is paid and reports a balance of $0 so that is at least good.

Another question. If the debt is paid and deleted off the report. Can the LO still see it when they pull the credit?

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If it is deleted?  No.

[RobertEG]

Not if they simply pull your credit report through the normal process, which is almost always the case.

CR exclusion does not delete the information from your credit file, it merely prohibits the CRA from including it in credit reports they issue.

The credit report exclusion provisions are not absolute.  FCRA 605(b) provides exemption of all of the credit report exclusion dates in situations where you are applying for credit that has a principal amount of $150K or more. 

A mortgage lendor could, if the amount of the expected loan is $150K or more, request and receive a full-file credit report that includes any and all information that is normally excluded. 

They would need to include with their inquiry a specific certification that the report is being requested with respect to an application for credit that involves a princiapl amount of $150K or more.  Most lendors arent concerned with viewing such ancient history, and deal with the issue by addressing only unpaid, delinquent debt by simply asking for a separate disclosure.  If it is paid, you dont have to inform them that it was previsously under collection.