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NMLS and state requirements for credit (two old collection on report)

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Hi All,


I'm helping a friend with some credit issues.


He is working towards getting a job in the mortgage lending industry.  He's close to taking his NMLS and state exams, but the topic of credit has come up.


He has two old collections from chase on his credit report -- DOFD 2010, last payments reported as 2015 (but actually were 2014)


Anyone have any experience on whether this will prevent him from getting his NMLS and state (MD) licenses?  We've read many conflicting stories.


If we can't get the collections deleted, should he settle them before applying for his actual licenses?


Anyone have any experience in this area?




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3 hours ago, MarvBear said:

Why are these accounts not obsolete?

Professional licensure in some States will be full-factual or, alternately, an oath-type question about finances...


That being said, if we can have fiduciaries who have been approved by the C&F committees with drug convictions at the felony level, I would expect an approval from most entities on antique defaulted debt, albeit with a six to twelve month period of internal monitoring and possibly a requirement to show steps taken to prevent a relapse into default behavior.  Remember, for many in such fiduciary positions, it is not the actual default that does them in...it is the lying about the existence OF the default. 


If the courses are through a reputable program, there SHOULD be an instructor that can discuss the C&F elements in their jurisdiction.

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