Re: Trying to clear credit reports to buy a house - HELP!
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Posted by ConfusedHomeBuyer
(65.202.26.149) on July 14, 2004 at 14:46:30:
In Reply to: Re: Trying to clear credit reports to buy a house - HELP! posted by Why Chat on July 14, 2004 at 14:17:16:
First of all, thank you so VERY much for your answers as I do appreciate any and all help I can get! I'm just overwhelmed with all of this... >> Opt Out I will do that, but why do I need to do so? >> Get your old addresses deleted How do I do that? By opting out? >> Send in a dispute to the CRA's on ALL of these old accounts Am I doing that because the SOL's have expired? Due to the short limit of time I have to clear these up, I was hesitant to do this. >> If ANY of these are verified,then you send THAT CA the SOL letter from my website. I know they are valid debts from my past. the story as to why they still exist is long and tedious and has to do with a bad roommate while I was deployed overseas in the military. >> Tell your mortgage Co. that these are NOT valid acounts on your reports and you are disputing them, and are willing to escrow any funds required pending resolution of the disputes. So, I am stating they are not valid debts because the SOL has passed? >> Tell them that you are taking steps to get these invalid accounts off your reports, and you will be providing them with EITHER a clean report, or a legitimate name and address to send the escrowed funds to on each account within 6 Months. That sounds reasonable, hopefully they will go for that. >> You did not say what State you are living in NOW. I am currently a resident of Illinois but my comapny is transferring me BACK to New York which is where I will be buying the house. I have not yet established permanent residence in NY. >>Any payments to any collection agencies listed will be a waste of $$, as it will not remove the entry from your credit reports, and they may not even have the accounts any more. I knew this much but it at least satisfied the closing conditions for my mortgage company which is what I was concerned with. A paid in full letter from the collection agency along with the source of funds was needed. The mortgage company would then work with me to have these things removed from my credit report later. Details on the property:
153,sale price
10% down
138,000 finance amount
5.5% interest rate on a 15 year mortgage
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