remove collections on report

Discussion in 'Credit Talk' started by fquan59, Sep 25, 2003.

  1. fquan59

    fquan59 New Member

    Are the nutcase letters the best way to remove a paid collections from a credit report? I just paid off a collections, yesterday and now I find I have to wait until next year before I can buy a house with an FHA loan because of it. Is there anyway to make it disappear?

    Thanks in advance
  2. tonyd

    tonyd Well-Known Member

    For FHA the debt can still be listed but must be $0, just like judgments...$0. FHA only requires the debts be paid off. If it's paid, then it's out of collections, right? Have the CA send or fax you a letter the debt is $0, and paid in full and you are free and clear of it forever. Normally your lender will accept this to process your loan. Been my experience, so it's worth verifying with your lender.
  3. fquan59

    fquan59 New Member

    So if that's the case, eith the loan officer or the underwriter didn't know what they were talking about? Hmmm...time to check out someone else.

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