Unvalidated debt on Credit Report
Date: Tue, 04/03/2007 - 13:28
Two separate debts are reported on all three credit bureau reports. I have only had contact from one (over a year ago - they contacted me by phone but did not follow up with a letter in five days as outlined by law.) From what they said, it is a debt owed in 2002 (I check for my state,SOL is 6 years). However, the qlitch is that these two items are showing last reported dates as Feb and Mar 07. I've made no commitment to either party -- why is the debt reflecting activity in this year?
I'm now in the process of prequalifying for a home mortgage and the loan officer states that these two are hurting my credit score. (The amounts owe are 285 and 85). How much will my score be improved by paying these two debts (provided they are legit). The last activity was 5 years ago --
I'm now in the process of prequalifying for a home mortgage and the loan officer states that these two are hurting my credit score. (The amounts owe are 285 and 85). How much will my score be improved by paying these two debts (provided they are legit). The last activity was 5 years ago --
The SOL will be calculated from the last activity date. I believ
The SOL will be calculated from the last activity date. I believe the CA is reporting the latest date in your file when they got your file. It should not affect the SOL terms.
Probably, paying the debt will improve your scores. If it's reported in collections, your credit will slightly improve. Verify the debt with the company before making the payment.
Have you tried doing disputes with the credit bureaus?Another op
Have you tried doing disputes with the credit bureaus?Another option is to ask your mortgage lender for a Rapid Rescore. This scoring model takes into account disputed debts and ignores them in a rescore.It costs a little extra,but would save you a ton of money.
