Hi,

I hate writing a post like this, but I'm shaking and really PO'ed!

I need advise ASAP! I am closing on a house in 2 weeks, however it is in the final approvals right now. I checked my BofA PS and it listed a collection on my EX report, reported today, but it says from June of 2005 for $17. I pulled my Fico and my scores yesterday were 738 EQ, 728 EX, and 778 TU. No negs, EVER! Now my EX is now a 638. I am in a stated program, and if they see this it will kill the deal do to the type of property, investment etc.

I recognize the original creditor as a radiology company, maybe x-rays? I know they have my addy, as I have paid other bills to them, but have received nothing from them in a while nor can I remember when I used their services last. I definately DID NOT receive a bill from then for $17, I would have paid it immediately.

This is how it now reads...
Collection
Collection Agency ERNST ARTMANN AND ASSO
Original Creditor XXXXX RADIOLOGY/XXXXXXXXXX
Account Number XXXXXXXXXXXX
Whose Account Individual
Date Assigned June, 2005
Amount $16
Balance $17
Balance Date August, 2005
Collection Status Account seriously past due date/account assigned to attorney, collection agency, or credit grantor's internal collection department
Status Date August, 2005

I could use the best course of action on this, I am not all too familiar with this area of collections and I don't want to pretend I know what I'm doing, I'm more into Business credit. I'm also scared due to the time constraints. Could anyone please lead me in this, my first thought was to take off work tomarrow and get a babysitter for the kiddos and drive to this agency with a few hundred dollars or ar least call and plead my case and see if they would fax me a pay for delete and then give them a credit card for the amount. Do they have to prove that they attempted to get the bill to me, if it's even mime, or am I SOL? I have never received anything from the OC, or the CA, and I can't believe this just tanked my score HELP!!!!

I really appreciate any help!!!!
HD

Most lenders will not run an additional credit report unless the credit report supplied with the 1003 is more than 90days. Get the loan closed ASAP before they have to run credit again. If it is medical and that low, it probably wont kill the loan. Might affect the rate, but my guess is that they will only require a LOE.

Your middle score is what they look for. EX was already your lowest, your middle score is 738. Stated-non-owner-occupied, quit worrying.

-Subprime

thanks for the reply, I wish it were that easy, it is an ag. zoned building, that does not qualify for conventional lending, theres more to it, like 2 legal parcels and more I won't bore you with. DH and I are professional investors so we are all too seasoned for any of our deals to be "Simple". I was trying to spare all this in my post. We had to do a quick closing and we try not to have any xtra inquiries so we have the lenders only pull right before closing, normally is a great thing. We also had to have an exception done for this property and the "conditions" were pretty much strictly score based as apposed to more docs as you normally see... for me it was 680+ on all three, mid score 720+ no derogs. Should have never been a problem. I'm sure I could get another program, but not in the time frame alotted. I saw you had lots of success with the HIPPA letters. I am very happy for you!

HD

You apparently did NOT opt out prior to applying for mortgages, you are the victim of a "garbage" CA who has poisoned your report.

Send an IMMEDIATE dispute via certified mail (not RR) to the CRA where this has appeared. State this: " Account such and such on my report is a FRAUDULENT entry by an UNKNOWN collection agency designed to interfere with a pending mortgage closing, I have no such account, please advise me immediately as to whom the so called "medical provider" is supposed to be, and when the date of service was supposed to have occurred. I expect an immediate deletion of this account from my records, and reserve the right to file for any incurred damages resulting from your unauthenticated allowance of this fraudulent reporting"

Normally I do not suggest faxing, however, if you can obtain a fax # use it ,but ALSO send it by certified mail.

This is NOT a HIPAA issue, it is a scum scam garbage CA issue and is the reason why you should ALWAYS opt out, especially before starting mortgage applications.

Thanks why... I did opt out months ago... so it all does not make sense. I will definately follow your advise.
HD

HD,

$17 Medical Collection..........Are you dealing with a broker or direct lender? If you have a broker and you should if you are a professional investor, you should be on the phone with the broker fromulating a plan. Your mid is still high enough that this problem with the CA should go away with a LOE to the underwriter.

-Subprime

Yep, all taken care of. I did a pay for delete, and have the letter already, so does my broker Yes, defiantely have a broker, actually 2. We called him first thing in the morning and he was working on an exception. I think they will take it as it is obvously a mistake. If not we'll try for a quick rescore using the letter, or go with our back-up lender.

I hate when things happen late at night. Had this happened first thing in the morning all would have been alot easier, and less worrysome.

The only real snag that we forsee now is that we'll have to wait on the close of a different property so no other lender sees it. This *should* only cost us an extra 2 weeks. But I see this one going through okay. I'll have all of the backup lenders info to review soon. Just sucks that this will also cause me another 3 hard Inquiries too

Thanks again,
HD

PS. I don't even know if this was actually my debt or not, but the addy they were sending letters too was my addy, except the wrong city and zip.