I am kicking myself right now...Have an unpaid chargeoff through FNBM from 2000. As of right now, no CA listing on any report for this account but FNBM does list the TL. They claim the amount due is $643...it actually should be $243 as $400 of those charges were to "secure" the credit card. Tried to dispute as "not mine" first then the balance-both came back verified. Now, I'm just got a love note from an outfit called Imperial Collection Services out of San Francisco, CA. Guess I'll send a validation letter to them but I have a distinct feeling this one is NOT going to be easy. Any ideas here? Just got our income tax refund and I want this to go away! I REFUSE to pay the $643 but I don't need another CA entry on my report. Figure I'll have to pay this eventually if I ever want to try to get a mortgage.
How many other CA's are on your report? If you have a bunch one more won't matter. If you need to pay it to get a mortgage I would get the CA paid out of the escrow money as part of the closing. This way you're not paying them off and still getting turned down for the mortgage. I've also seen mortgage companies that don't care if it's under a $1000.....or if it's over 2 years old. By all means request validation too.
bigmon which mtg companies would roll that over into the escrow? We are unsure whether or not what will happen to ours they are 6 years old and fall off next year but we are relocating to the states and have no choice to buy a home, no base housing and 98% occupancy rate for rentals, so the good thing housing is cheap and we could probably get a home loan but what about the CO accounts? Are you aware of them having to be paid like the Collection accts? Our CA equal to only 150 bucks...but I don't want to re-age them. Our CO equal about 2000, so although I am still awaiting my disputes from the CRA's I am just looking a little ahead...Thanks
Teresa, When my mother went refi her house the mortgage company said they would pay the derogs out of the loan proceeds. They were only concerned with anything over $1000 and less then 2 years old. I was thinking you were selling a house and buying a new one. If you're only buying then you might have to pay them yourself. A trick I did was put the money into the escrow and instruct the escrow company to pay the debt at closing. This way the bills only get paid if the house closes escrow. In fact, the mortgage company wanted it this way so they could be sure the bills got paid. In otherwords, You only want to pay if you can buy the house. As far as re-aging, I'm not that knowledgeable in that area, but you might want to get something in writing from them that they won't re-age if you pay them. Don't mention buying a house otherwise they'll play hardball against you. Let them think you just want to pay them to get rid of them. At 6 years the mortgage company might not care. Check first.
thanks bigmon, first I have to wait and see what gets validated I only have one account over 1,000 and if it gets validated and with all the verification stuff doesn't go through and it stays on the report I am going to go ahead and pay for deletion one more time after my disputes then if not pay it and try and dispute in a couple of months maybe it will fall off. But I am just trying to do what I can before trying for our mtg....we got about 4 months...of couse I have not mentioned buying a home so that I have good... thanks again
If I hear one more person state that they "don't want to reage" their collection accounts, I am going to scream. Does anyone actually READ the posts on this board anymore? I'm not trying to be rude, but it seems a lot of people would quit making the same erroneous assumptions and mistakes over and over again if they would just do a little bit of research on the topic they are concerned about. Off soapbox...
Just because it's not supposed to reage the account doesn't mean it doesn't happen and if it does, WE KNOW IT IS WRONG, but it is a pain in the rear to get changed!!!
It is a pain, but it shouldn't be that hard to fix. Most of us keep copies of credit reports going back for quite some time (or at least you should be) and it should be an easy matter of mailing/faxing in copies of past reports along with any creditor documentation showing when the account was originally charged off. Threats of a lawsuit or actually filing a lawsuit tend to get it corrected rather quickly as well. My point was that failing to take action on an account for fear that it will be illegally reaged is not a good idea. Just be prepared with documentation and the attitude to nail the ba**ards if they try to pull stunts like that.
