Hello everyone... I am really hoping that someone out there can help me with this one. After lurking for quite awhile and cleaning up some things, I took the advice of the board and talked to a mortgage broker instead of going to my bank. He was very nice and was willing to look at the credit reports I have rather than pulling new ones thus adding another inquiry...he was glad to see that I already had the scores for all 3 of hubby's reports(even though I don't have mine)...after looking at them, he decided that he was sure he could get us a loan at 8 1/4 to 8 1/2 (worst case scenario) using just hubbies reports and income since he makes enough to qualify for all the house we could afford anyway and has no debts on his credit except his CC which is paid off and will remain so. Anyway this is great except there is one catch...he has a chargeoff with MBNA from 1998 that we will have to pay...I have tried disputing it and it keeps coming back...sooooo...I guess what I am asking in a very long winded way is: Does anyone have a good letter that I can send to MBNA basically saying, hey I noticed on my report that you seem to think I owe you some money(which he does) and I would be happy to give you $xx in exchange for having you delete all references to this account from my credit report...come on now, it is already 3 years old...blah blah blah? The original amount was 3K...how much should I offer? I am so excited at the prospect of buying a house, this is the only caveat...so I am rarring to go!!!! Thanks in advance Larissa
Larissa- Something to keep in mind... mortgage lenders don't nessessarily want everything *off* your reports. They just want everything paid, so there won't be any leins on the property. SK
My best advice would be to take out fifty bucks and go see Mr. Bauer. When you're in a hurry, don't make guesses. Get someone who knows. And For The Record, no, I'm not in cahoots with Bill. I'm not even a customer of his, yet. But I've interacted enough with him here and seen enough unsolicited testimonials from others on this board, including many of the (ir)Regulars, that that's what I'd do. There's another thread here today with his name in the subject line. Take a look. Best of Luck!!
Thanks...I know that it will be just fine to have it show paid, but since I have a bit of time, I figured I would start with asking for it to be removed, and then if they won't agree to that, I will settle for just having it marked paid. Thanks Larissa
Depends upon the age, but I've heard of companies accepting 25-50%. Now that you know that you will have an approval, why stop with the first mortgage broker. I would contact another with credit reports in hand and see if he can beat the apr or discount the points. Good luck!
Larissa- If you begin to deal with the CA, don't mention you are trying to get a mortgage. They will then know you will do most anything to get it cleared. Right now, you have the upper hand... they want your money... Be careful of the SOL. That is a big chargeoff. If they sense you need that cleared, they may start to persue it more seriously. SK
Thanks everyone for your advice...a bit more info...the account was charged off in 1998, the original creditor (MBNA) is what shows on all three of his reports...on TU there is also an entry from NCO but it says suppressed pending credit grantor update, whatever that means...this ONLY shows on TU...so I will be dealing with MBNA directly I think? They have NEVER called us regarding this account...we have found out that we can get approval but will not actually buy until spring, so we have some time and are not in a terrible hurry, but I am impatient and want to get started right away. The concensus is that I should talk to Bill Bauer? Does anyone have a link to his site? Thanks Larissa
If an account was charged off as a bad Debt by MBNA and it shows the NCO now handles it , it means that MBNA does not own the account any longer and that you will have to deal with NCO directly because MBNA sold your account to them.. How do I know ? Because I am Employed By MBNA and I am presently on a task force working 180 day accounts that are in the Charge off unit.. My normal job is a Credit Analyst.. But with The recent events of what has Happened In NYC.. and where I had previously worked every stage of Delinquency in Customer Assistance.. This is where I am needed most..
Larissa, Mortgage companies are going to insist that you have all collections removed, but you don't have to do it before the close of escrow. Sometimes you can just give the title or escrow company the additional funds to pay off the collections at the close of escrow. So, if you bargained with them during the time you are getting your loan, and you have your "settlement" letter from the collection agency showing what they need to close the account, the title company can pay the money for you. This can minimize the delay dealing with collection accounts.
Ruby: Since you work for MBNA, maybe you can help me here a bit...anyone else who has any ideas feel free to jump in...if NCO owns the account now, why is it reported by both MBNA and NCO? Is that allowed? Perhaps I am confused, but I thought that only one or the other could be reported? Also, why then does it keep coming back verified when I dispute with the CRA? Don't get me wrong, I am not opposed to paying something on this...I owe the money, we just made some very bad choices in 1998 and could not afford to pay at the time...I just want to make sure I pay the right people and get the report corrected so that we can buy a house soon. I appreciate your time Larissa
Ok...now I need some serious advice and fast...after thinking about what Ruby said, I went to the MBNA web site and using their online access checked to see if the account was still in their system...guess what? It is, plus there is also a second account on there as well! It lets me look at the original account which shows suspended, with no balance, but when I try to look at the second account to see what it is it tells me to call them(this one shows closed)! So what do I do? Do I call them? What do I say? Will they even talk to me since it is hubby's account? Does this mean they own it, not NCO? Yikes! I am really confused. I also noticed they have a really old address of mine, like from 3 years ago, which would explain why I have heard nothing from them! What do I do? Larissa
It sounds like it charged off, which explains the first account you see with the 0 balance.... the second account may have signified the balance they were still trying to collect..after a couple years with no results, they probably sold this account to the CA, thus the "Call Us" message. Call MBNA and see.. See if they 'Sold' the account to the CA, or 'contracted' it to them.. jmart
I called MBNA and they told me that the account was sold to someone called Commerical Finance Services and that I would have to deal with them. She gave me a phone number, but when I called it, it does not work. She says that they will not delete the entries from the CRA until I pay the CA and then the CA will contact MBNA and tell them I paid it and then MBNA will delete it. I asked about the NCO entry (only on TU) and she stated that she had no idea who NCO was. Now what do I do?
Well that is the thing...there is no such thing as Commercial Finance Services listed on the CR...just MBNA and the NCO whic says suppressed (does that mean no one sees it but me?)
OK! I think I get it now...when I got home from work I checked the TU Report which is the only one showing the NCO account and the actual creditor name is NCO FIN CFS...CFS is Commercial Financial Services? Soooo...I need to deal with NCO then? Ok Bill, this one's for you, I seem to recall a reading that you had dealt with these guys before? Where should I start in order to get this resolved as quickly and painlessly as possible? And the report seems to state that it was SOLD to NCO, yet MBNA is still verifying it...why? Can they do that? last update from MBNA was 8/98 but it was "verified" in August of this year.
