Debt collection question

[SVT Lurch]

I'm planning on refinancing my house soon and would like to get my score as high as possible.

Then don't dispute anything. Most disputes on credit reports are being picked up in the automated underwriting system and have to be removed prior to closing. If there is a balance the score drops most of the time (from as little as 5 points to as much as 100 in my experience).

[Swamp Donkey]

Then don't dispute anything. Most disputes on credit reports are being picked up in the automated underwriting system and have to be removed prior to closing. If there is a balance the score drops most of the time (from as little as 5 points to as much as 100 in my experience).

I don't think I have anything on there to my disadvantage. I just figured it wouldn't hurt to take a look at it. I'm planning on sometime around next spring. Is that enough time to dispute and have it all cleared up if there's a problem? If not I'll just wait.

[jluv]

You get one free every year from each of the 3 agencies, I think the correct website is annualcreditreport.com. Whatever you do make sure you get your credit report and not just your credit score.

I did this not long ago, and the free report is just that - your credit report. No score. I had to sign up for the monitoring bullshit to get my actual scores. Of course, I cancelled that shit immediately after, so I never got charged.

[Gear_Jammer]

Gold, this is.

This man knows his shit.

Thanks. I handle civil litigation, so a fair amount of it involves debt collection once I obtain a judgment against someone. I pride myself on doing it the correct and ethical way, which is a lot more than I can say for some attorneys and collection agencies. I freaking HATE most of the non-lawyer credit card debt collectors.

I will do this. I appreciate all the replies/advice

You're welcome. PM me if you have any questions.

[Sean88gt]

As if it hasn't already been stated enough, trash it.

[SVT Lurch]

I don't think I have anything on there to my disadvantage. I just figured it wouldn't hurt to take a look at it. I'm planning on sometime around next spring. Is that enough time to dispute and have it all cleared up if there's a problem? If not I'll just wait.

Disputes can be removed in about a week if you pay to expedite it, otherwise it takes about 30 days (or the creditor's next reporting cycle). It doesn't hurt to look. What hurts is when people say "I don't want to pay that, I'll just dispute it and it will go away." That's no longer the case with most disputes if you're planning to take out a mortgage loan.

[Sean88gt]

Disputes can be removed in about a week if you pay to expedite it, otherwise it takes about 30 days (or the creditor's next reporting cycle). It doesn't hurt to look. What hurts is when people say "I don't want to pay that, I'll just dispute it and it will go away." That's no longer the case with most disputes if you're planning to take out a mortgage loan.

How so? I know the process is a lot tighter than it used to be, but if disputes are valid and it falls off, how would it affect a home loan?

[zachary]

legally liable or not , you never paid the debt for products purchased, imo

[SVT Lurch]

How so? I know the process is a lot tighter than it used to be, but if disputes are valid and it falls off, how would it affect a home loan?

If the bold part is true there is no issue. However, in my experience people just dispute accounts because "that's how you get it off your credit and screw the man", but since it's a valid account the debt stays and now it's in dispute and cannot be approved.

[jayjohnson600]

I've been receiving collections mail for the previous owner for the house that I bought 3 years ago.

From the mails, it looks like they refi'd the mortgage(likely a cash-out), and maxed out many
credit accounts, then flipped them all the bird. They gamed the credit bubble and timed it just about
perfectly.

Before the default on their obligations caved in their credit, they bought a new house, big suv,
and opened a business LLC.

The figures from the collection agencies and refi default point to about a $200,000 accumulation.

They have friends in the neighborhood and I've talked to them a couple times during the first
couple of months after I bought the house.
When I first met them, shortly after buying their house forclosure, I told them I was sorry that
they lost the house. They smiled and told me not to worry about them.
They told me to just trash any mail that comes addressed to them.

The collection mails started to come a couple months later, and they don't have any intention of
paying anything back. Some of the collections say they are willing to clear the debt for around 25%.

[Ted]

I've been receiving collections mail for the previous owner for the house that I bought 3 years ago.

From the mails, it looks like they refi'd the mortgage(likely a cash-out), and maxed out many
credit accounts, then flipped them all the bird. They gamed the credit bubble and timed it just about
perfectly.

Before the default on their obligations caved in their credit, they bought a new house, big suv,
and opened a business LLC.

The figures from the collection agencies and refi default point to about a $200,000 accumulation.

They have friends in the neighborhood and I've talked to them a couple times during the first
couple of months after I bought the house.
When I first met them, shortly after buying their house forclosure, I told them I was sorry that
they lost the house. They smiled and told me not to worry about them.
They told me to just trash any mail that comes addressed to them.

The collection mails started to come a couple months later, and they don't have any intention of
paying anything back. Some of the collections say they are willing to clear the debt for around 25%.

That's very nice of you to pay it for them.

[Binky]

I've been receiving collections mail for the previous owner for the house that I bought 3 years ago.

From the mails, it looks like they refi'd the mortgage(likely a cash-out), and maxed out many
credit accounts, then flipped them all the bird. They gamed the credit bubble and timed it just about
perfectly.

Before the default on their obligations caved in their credit, they bought a new house, big suv,
and opened a business LLC.

The figures from the collection agencies and refi default point to about a $200,000 accumulation.

They have friends in the neighborhood and I've talked to them a couple times during the first
couple of months after I bought the house.
When I first met them, shortly after buying their house forclosure, I told them I was sorry that
they lost the house. They smiled and told me not to worry about them.
They told me to just trash any mail that comes addressed to them.

The collection mails started to come a couple months later, and they don't have any intention of
paying anything back. Some of the collections say they are willing to clear the debt for around 25%.

Doubt i'd post up on a publicly viewed site about how i was opening mail not addressed to me...

[hotrod66stang]

I had an apartment complex say I didn't give them a 60-day move-out notice, about 2.5 years ago. They filed against me for ~$1,100 because I told them that I didn't owe them ANYTHING since I gave them proper move-out notice. I did a credit check about a year ago, possibly more, and I disputed it. It was quite a while and I got back a few sheets with it still on my credit report. No explanation or anything, just the "delinquent account" or whatever still on my record.

I haven't had any contact with the collection agency, ever. They initially sent a few letters and called a few times, but I never answered. What is the best course of action for this situation? Thanks in advance.

[Gear_Jammer]

Before the credit card companies stepped up and had the laws changed as far as being able to get a discharge in bankruptcy without paying any portion of of your credit cards, a lawyer in my office represented guy that was genius deadbeat. The guy had great credit and had a ton of credit cards that would allow him to get cash advances. Some time later he lost a ton of money and looked into bankruptcy. He had a really nice house that he'd bought a few years before all of this, but used the cash advances to to pay off the final $100K+ of his mortgages. As soon as the mortgages were paid in full, he filed for Chapter 7 bankruptcy, flushed it all down the drain and received a full discharge of all of his debts. His credit was messed up, but he owned his nice house free and clear!!!

[Big A]

Before the credit card companies stepped up and had the laws changed as far as being able to get a discharge in bankruptcy without paying any portion of of your credit cards, a lawyer in my office represented guy that was genius deadbeat. The guy had great credit and had a ton of credit cards that would allow him to get cash advances. Some time later he lost a ton of money and looked into bankruptcy. He had a really nice house that he'd bought a few years before all of this, but used the cash advances to to pay off the final $100K+ of his mortgages. As soon as the mortgages were paid in full, he filed for Chapter 7 bankruptcy, flushed it all down the drain and received a full discharge of all of his debts. His credit was messed up, but he owned his nice house free and clear!!!

That should be downright criminal credit fraud.