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kkel293

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  1. I have been checking my credit reports, and I'm so glad I've kept copies of them over the past few years. Now that the debt is almost ready to fall off, I've found at least two cases of JDBs re-aging the debt to keep it on there several months longer than it's supposed to be. I wonder if they're doing that in response to my "collection score" showing a mortgage credit pull. I've disputed the tradelines, asking for the dates to be verified and that the account was illegally reaged. One of tradelines have already been deleted. I did find a new lender. For whatever reason, neither of the previous two lenders told me I might qualify for a conforming loan since I have at least 5% to put down. Apparently, these conforming loans don't care so much about old collections, and they work much better for several of my other situations too. However, this lender did say that there was nothing that could be done about collection agencies continually putting zombie debts back onto your CR after they are removed by the CRA. I read him what I'd found on the FTC website. He said that what the FTC website says is completely true, but that's not always what happens. My head almost exploded. I told him it was like me getting robbed every night and the police shrugging their shoulders and telling me there was nothing they could do. Sometimes you lock your door and the robbers just come in. Such is life. He did, however, tell me that what the banker told me--that I'd have to pay the old collections--was the absolute worst advice. As I already knew, paying the collection and bringing the account current would start the 7 year clock all over again. I told him I had NO intention of paying these collections, and that the CRAs and the JDBs might just have to see me in court if they keep resurrecting old debt when the CRAs are removing it because it legally cannot be there. I swear I've been in the Twilight Zone the past couple of weeks with these people.
  2. I just found the answer to my own question, and I thought I'd post it here. It's the clearest explanation of the FCRA I've found. Oddly enough, it's directed towards information furnishers and not consumers. It's a bit disconcerting that bankers and brokers in my town are so misinformed, but it just goes to show that you have to be your own advocate. https://www.ftc.gov/tips-advice/business-center/guidance/consumer-reports-what-information-furnishers-need-know Delinquent Accounts — When you refer an account for collection and notify a CRA that you have done so, you also must report the date of delinquency to the CRA within 90 days. The date of delinquency is the month and year the consumer's delinquency resulting in the referral began, see the examples below. FCRA 623(a)(5)(A) If you are a debt collector furnishing information to a CRA about the accounts of a creditor, you must report the date of delinquency given to you by the creditor. FCRA 623(a)(5)(A) This "date of delinquency" determines how long the debt can be reported on a consumer's credit report. Generally, a CRA may report a delinquent debt for seven years from the date of delinquency. If the debt was discharged in bankruptcy, however, a CRA may report it for 10 years. If the creditor didn’t report the date of delinquency, you have two options: You may establish and follow reasonable procedures to determine the date from the original creditor or another reliable source, or If you can’t determine the date, you may establish and follow reasonable procedures to ensure that the reported date of delinquency is a date beforethe account was referred to collection or charged off. FCRA 623(a)(5)( These examples illustrate how to calculate the date of delinquency: John Smith’s account becomes delinquent in March 2012. The creditor places the account for collection on October 1, 2012. In this case, the date of delinquency is March 2012. The date that the creditor places the account for collection is not the basis for calculating the delinquency date. The collection date is calculated based on the consumer’s delinquency, not the creditor’s later actions. Mary Myers’ credit card account becomes delinquent in April 2011. Mary makes partial payments for the next five months, but never brings the account current. The creditor places the account for collection in January 2012. Because the account was never brought current during the period partial payments were made, the delinquency that immediately preceded the collection began in April 2011, when Mary first became delinquent. The correct delinquency date is April 2011. Alan Clark’s account becomes delinquent in December 2010. The account is placed for collection with Collector A on April 1, 2011. Collection is not successful. The creditor places the account with Collector B in February 2012. The date of the delinquency for reporting purposes is December 2010. Repeatedly placing an account for collection or using different collectors does not change the delinquency date. Lisa Long’s account becomes delinquent in November 2012. The creditor has never reported the date of the delinquent account to the CRAs, but has records indicating the date of delinquency as November 2012. A debt collector acquires the debt and attempts collection. If the debt collector establishes and follows reasonable procedures to learn the date of delinquency from the creditor — and finds that November 2012 is the delinquency date — the debt collector may report that date to the CRAs as the delinquency date. FCRA 623(a)(5)( (ii) Craig Coleman’s account becomes delinquent, but the creditor never reports the delinquency date to a CRA. In addition, the delinquency date can’t be reasonably obtained from the creditor or another reliable source. The account is placed for collection in November 2012. If the debt collector establishes and follows reasonable procedures to ensure that the delinquency date reported precedes the date the account is placed for collection, charged to profit or loss, or subjected to any similar action by the original creditor, the debt collector may report that alternate delinquency date to a CRA. In this case, the alternate delinquency date must be before November 2012. This method should be used only when the original date of delinquency can’t be determined from the creditor or another source. FCRA 623(a)(5)( (iii)
  3. Okay, I read about collection scores, and I see what I just did by applying for a mortgage. I can expect the CAs and JDBs to descend upon me in 3...2...1. Well, I'm cooling my jets. I'm going to have my you-know-what together and ready for September and October of this year when the negative tradelines are set to be removed. I read something that obviously wasn't accurate and I acted upon it, and now I have to wait a few months because of that mistake. It's okay. I've waited 7 years. Waiting a few more months won't kill me. Sometimes you just have to take your medicine!
  4. Yes, I know what you say is true. I shouldn't have gone to a lender before trying to get them off. I guess I'd read a lot about getting mortgages, and I thought I'd read that old baddies didn't really matter if you had several years of current good payment history and your credit score was in a good range. I guess I should have made sure what I thought I'd read was true before I pulled the trigger on a mortgage application. My mistake, and it might slow down my house buying by several months. Are you saying that I'll be able to dispute after the 7 years from the date of first delinquency, or do you agree with the brokers and bankers that if they keep being sold, they can stay indefinitely? Edited to add: I can't find the pinned topic "your collection score." It didn't come up in a search, and I don't see it in this forum. Am I missing something? Nevermind, I found it through a search.
  5. If you aren't getting speedy replies and expert service from your mortgage broker you've picked the wrong one. Move on! The last mortgage broker I used responded to emails in three minutes or less during business hours. At night and/or over the weekend he got back to me within 15 minutes. Please talk to a couple more mortgage companies about what you have on your reports before you start trying to clean things up. You may not have to deal with any of this. This is very good advice. I will definitely talk to another broker much more motivated to earn my money. I'll wait to see what my broker says before I possibly do something to delay my process. Thanks so much for your input!
  6. Thanks to everyone for replying. Thanks for the welcome, breeze! I am now pouring through the thread on getting charge offs/collections deleted early. Thanks for that link cv91915! I was talking to Fidelity Bank when I was told I'd have to pay off the collections. I'm also in talks with a mortgage broker, but this particular broker has been really slow in getting replies to me. She may try to tell me the same thing. Because I'm just not satisfied with the way this broker is treating me, I may be contacting another broker soon. I'm going to work on getting those charge offs deleted early, but before I do, I have one question before I get started: I have read somewhere (probably here) that lenders do not like to see disputes on CRs. A CR dispute will freeze the mortgage process until the dispute is resolved. I'm understanding that I should address my letters asking for assurance my rights have not been abrogated to the collection agencies and not the CRAs. Am I thinking about this correctly? TIA for reading and offering your advice!
  7. Hello all. I've been reading your forums for a couple of years now, and have become somewhat educated on how credit reporting and the like works. I want to thank all of you for sharing your advice and experiences. I have a nice little group of collections/charge offs that I've been counting on falling off my credit report after 7 years. I have an Experian credit report where I've highlighted all of the dates I can expect these things to be removed. The last one should come off by October of this year. I've decided to begin looking for a mortgage now because I'd like to be ready to go once these things are gone. In the past years I've gotten my credit scores up to (according to the lender's credit pull yesterday) 632 Eq. 684 Exp. 708 TU. I've had two mortgage brokers in my town tell me that since my collection/charge offs were purchased by other lenders, they won't come off after 7 years. I told them I've continuously read that the Reporting Bureaus must remove information after 7 years from the date of the first delinquency--not from the date the debt was sold. They said that's what should happen, but not what DOES happen. The lender is telling me that I will have to pay these collections in order to get a loan. She says she knows what underwriters are going to say, and they'll make me pay the collections off. On top of that, a mortgage lender has pulled my credit, so when I go to try and negotiate with these JDB agencies, they're going to really stick it to me when I try to settle the debt because they'll know I'm trying to get a mortgage. I'm wondering what I should do in this case. I'm thinking that I might want to put off pursuing the mortgage right now until after these collections fall off--and if they don't come off after the 7 years, then I can do some credit repair stuff myself, like asking for the JDBs to provide documentation, etc. All of the old accounts have been sold several times, and I'm sure by now the debt is an entry on a spreadsheet. For those of you who've pursued mortgages with charge offs and collections, what have your experiences been? What do you think I should do in this case?

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