I have a Collection on my report that is for less then 200. I am going to be applying for a mortgage and will need to have it taken care of. I just assume to pay them off and be done with it but how will this affect my FICO? I also thought about asking them for validation but i have been reading about a 30-day window from the time of notice. I am past the 30-days. Can I still write the CRA's and state that it is not mine? How effective is this? Thanks in advance!
There are many others on here with a lot of experience in this. I have until finding this site, always disputed through the CRA's directly. If they can't verify the debt, they will delete it. If they can match your acct. #, they probably will send it back verified. I have several accts in the same situation and I just sent Debt validation. Mine are older and I doubt they can prove this debt. If you feel the same maybe this is the route to go if your CRA investigation comes back verified. How long do you have before you close on your home? Reatha
I guess I will dispute the collection and have them validate if they do verify it. It is very recent so i might be in trouble. Its not a lot of money so i dont think i could even cut a deal with them because its not worth their time for so little an amount. I have to bump my score up before I can apply for a mortgage. Right now I would be subprime and I could probably refinance in a year or two when my credit is better but meanwhile my mortgage would be a couple of hundred extra a month. Thanks!
30 day window or not, you can still dispute with the CRAs, and you can still dispute the debt or request validation from the CA. They just don't have to stop collection efforts until they provide it. Under FACTA, you can still dispute any erroneous reporting with whoever is reporting it, whether it is the CA or the OC.
