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Home Buying/Credit score

I just started the process of looking into buying a home. I was curious as to what my credit score was so ran a report and found that I had a "no pay" on my credit report. It dropped my score down to a 606! I called the collection company and asked some questions and to pay it off. The said it would take 90 days for it to leave my credit report so it could be up to 90 days before my score goes to at least 640. He told me that they would send me a letter and that the lender could do a rapid rescore....Anybody have any info on this? Is this true? Should I just pay the collection and see what happens?
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February 04 2013 - Des Moines
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Ideally you can obtain a deletion letter from the collection agency in exchange for payment.   A deletion will make the collection disappear from your credit, as though it was never there in the first place (as opposed to paying it where it would still show a derogatory event occured).   If you can get this deletion letter, a lender can use the "Rapid Rescore" process to expedite the removal from the credit bureaus, through this service it can be deleted in a few business days, as opposed to having to wait 4-6 weeks for the letter to reach each credit bureau and be processed.  
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February 04 2013
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it depends on what the letter says.  the problem is that in order for it to actually get "deleted" you would need a letter from the creditor/collection agency stating that there should not have been any collection or delinquint reports to the credit bureaus on this account.  I highly doubt that they are going to send you a letter like that.  the letter that they will send you will say that the account has been paid in full with a $0 balance.  but that will only update your credit to show that you had a collection and it is now paid in full.  it will not remove or "delete" that collection.  Unless of course you get a letter stating that you should not have had any collection reported on your credit and that your account was always paid as agreed and that any collection reported on your credit should be deleted. 
Eric
your MN bilingual mortgage professional
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February 04 2013
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sorry i didn't realize that Justin had already posted an excellent reply to your question.
thanks
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February 04 2013
Did you end up getting this resolved?
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August 14 2013
 
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