Profile picture for user50485507

Closing at the end of the month. Over 12 year old collection re-added to credit report.

We are freaking out because this collection has been deleted off my husbands credit report for 5 years now. Honestly since starting the process of repairing his credit he didn't even remember that it even existed since it is 12 years old. We close on our home in a few weeks and this collection popping back up has probably dropped his score under the minimum requirement needed for the VA home loan program we are going through. Our loan officer told us not to worry that they will just do a credit inquiry prior to closing to make sure we haven't applied or opened up new accounts since going under contract. Does this sound correct? We are so scared we are going to lose the house because of this!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 03 2013 - Town of Scarborough
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Your LO can do a rapid rescore for a fee. This basically asks their vendor (the company they use to pull credit through) to verify the acct with the collection agency. If the dates are in fact 12 years old they are in violation of the FDCPA, and the acct will be deleted due to it being obsolete (beyond) the 7 years allowable. Best of Luck on your new purchase. Christina Solorzano
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 05 2013
This sounds about right.  Underwriters now execute a "credit refresh" to ensure that no new accounts have been established.  Some lenders will only require to see the inquiries.  If there are any new inquires, then they might research further to find out if there are any new accounts.  In other words, you might be good still.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 05 2013
 
Related Questions
Closing at the end of the month. Over 12 year old collection re-added to credit report.
Profile picture for Christina Solorzano
Latest answer by Christina Solorzano
March 05 2013 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 43 Valley St APT 13, South Portland, ME Home For Sale
    43 Valley St APT 13, South Portland, ME 04106

     For Sale: $165,000

    • Beds: 2
    • Sqft: 1350
    • Baths: 1.0
    • Lot: --
  2. 3 Frederick Thompson Dr, Scarborough, ME Home For Sale
    3 Frederick Thompson Dr, Scarborough, ME 04074

     For Sale: $1,199,999

    • Beds: 4
    • Sqft: 5660
    • Baths: 7.0
    • Lot: 108900
  3. 8 Hunnewell Rd, Scarborough, ME Home For Sale
    8 Hunnewell Rd, Scarborough, ME 04074

     For Sale: $242,000

    • Beds: 3
    • Sqft: 2184
    • Baths: 2.0
    • Lot: 27878