What do I do with this new collection? Don't recognize OC.

[Anonymous]

I am going to be trying to get a home loan in the next month, so I have been monitoring my scores and today I noticed a new collection account.  The collection agency is Receivables Performance and the original creditor is Valorem.  Date assigned was March 2007, but it just now showed up on my credit report.  The problem is that I have never even heard of Valorem and am pretty sure I have never done business with them.  Further more, I have kept my nose clean for the last two years and would not have let anything go to collections.  I have never gotten any letters from either of these two companies.  What can I do?  I don't want this new collection to hurt me when it comes to the home loan.

[gdtobefree]

Send them a DV stating that they were discovered on your report.

[Anonymous]

Thanks, that's kind of what I thought.  Does anyone have any idea who this OC is?  What kind of business do they do?  I have never heard of them and searching the internet hasn't turned up much.

[llecs]

As mentioned, DV them.

Valorem mean "property". Think about any OC you had that dealt in property like taxes, time-shares, etc. If you PM me with the address and/or phone (also found on your org. report pulled directly from each CRA), then I'll tell you who they are.

[Anonymous]

I haven't pulled an original report since April.  They were not on it then, I discovered it by checking my score here.  I have never owned any property, so I guess I just need to DV these guys.  Wish me luck!

[Anonymous]

Ok, here is the crazy thing.  I couldn't stand the wait so I called this Collection agency.  I know, I know, never call.  But I had to know what this debt is.  Turns out this is from an AT&T wireless account that I had and didn't pay the final bill in 1998.  It is showing on my report as a new collection, but it is from 10 years ago.  I paid the collection (it is mine) and the rep told me she would put it on her report to delete it from my report because it was beyond the SOL.  She said they send in their delete report every day or every other day but I would have to wait up to 30 days for the CRA's to update.  She gave me her name and direct number to call back if I had any other problems.  I know, now I have to cross my fingers and hope she is honest, but is there anything else I can do?  I really want to apply for a home loan on Monday.

[GFer]

Did you by chance, get the rep's name and/or operator number? Document, document.....

Mortgages are actually easier to appease when applying. When they see the SOL they may not even consider it!

Try posting int he mortgage forums...great people there with great advice!!

[Anonymous]

If this is your only collection, the fact that it was just reported, likely hit your score a bit.

I'd wait until the collection is removed before applying, so your score will be higher and you'll get a better rate.

[Anonymous]

I did get the name and number of the rep.  She was actually a supervisor.

It isn't my only collection.  I have three other very small old medical collections that my loan officer has advised me not to pay until they run my credit.  This new collection did not change my score, but I think this is because I have been paying down my debt.  So now I think the amount of points I would have gained from paying down debt has gone to the new collection.  I want my points!

[Anonymous]

Wait a minute ... if the debt became delinquent in '98, how in the HECK could it be reporting NOW? Isn't that beyond the CRTP???

Am I crazy??? Or is this debt beyond the 7.75 year rule??!