Has anyone had to write a letter at the suggestion of their mortgage lender explaining the situation with your credit reports? Im trying to get a loan and my lender suggested I write a letter to include in the loan application, explaining two charge offs that are past SOL and are still being reported by Equifax. Im not sure what the letter would say, other than there are two items still on my report that haven't fallen off even though they are past SOL. I've tried to settle these and I've tried in vain to have them vaidated and I've even offered a cash settlement tha was not accepted. Has anyone else had any experience with writing such a letter and how did it help? Thanks
Years ago, when I was having all my financial problems, I did need to write such a letter. I basically just explained, as you have, why the items were there. You can tell what you have offered and show proof that they are out of SOL.
I wrote the letter but the lender will not write the loan until two credit accounts which do not belong to me, dating back to 2001 are removed. Im having no success getting these removed.
They appear to have been opened in 2001 and finally charged off in 2003. Im only going by the info that I've seen on my credit reports to come to this conclusion - I've never seen any statements or verification of any kind. I live in GA and open accounts here are 4 years. There was a flurry of collection activity last January - I was receiving calls and letters but that stopped after two months. I haven't heard anything from anyone about these accounts since. My guess is that the collectio SOL ran out in Dec. 2007. I think the reporting SOL won't run out until 2010. (7.5 years?) Im about ready to settle though- these accounts are preventing me from getting a mortgage. Each has agreed to a settlement but both were way too much IMHO. $1400 and $1900.
