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Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured.--Mark Twain
So relax and enjoy yourself! -- Debsi
This is what is holding me back from attempting to dispute this charge again. I went through the whole dispute process years ago to have a charge off removed. I have a VERY common name and routinely have strange things show up on my credit report. I've been over the Fair Credit Reporting Act and Fair Debt Collections Practices Act with a fine tooth comb. You can dispute, but basically there is someone looking at a computer screen that says "Yeah, she owes it" and that's the end of the dispute process. There is no incentive to dig deeper. Once that box has been checked, it's over. I could take it to court, but that can be very expense. You can report to the FTC, but they don't pursue individual cases, only use them to show a pattern of abuse by the creditor/collection agency.
I decided years ago to pay cash as the anger and frustration level is not worth it. I would only be getting a mortgage as rates are very low and I can earn more on my money that what I would pay on a mortgage.
And, on principal (I know, kinda of biting off my nose...) I won't pay a debt that isn't mine. I was backed into a corner before and had to pay $600 and it still annoys me years later.
So, would I be able to get someone to do manual underwriting and waive the requirement to pay this charge off?
Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured.--Mark Twain
So relax and enjoy yourself! -- Debsi
This is what is holding me back from attempting to dispute this charge again. I went through the whole dispute process years ago to have a charge off removed. I have a VERY common name and routinely have strange things show up on my credit report. I've been over the Fair Credit Reporting Act and Fair Debt Collections Practices Act with a fine tooth comb. You can dispute, but basically there is someone looking at a computer screen that says "Yeah, she owes it" and that's the end of the dispute process. There is no incentive to dig deeper. Once that box has been checked, it's over. I could take it to court, but that can be very expense. You can report to the FTC, but they don't pursue individual cases, only use them to show a pattern of abuse by the creditor/collection agency.
I decided years ago to pay cash as the anger and frustration level is not worth it. I would only be getting a mortgage as rates are very low and I can earn more on my money that what I would pay on a mortgage.
And, on principal (I know, kinda of biting off my nose...) I won't pay a debt that isn't mine. I was backed into a corner before and had to pay $600 and it still annoys me years later.
So, would I be able to get someone to do manual underwriting and waive the requirement to pay this charge off?
Thanks!
Did you dispute through the credit bureau websites or directly with the CC company?
I have been the person looking at the computer screen before, but not for a CC company. I know that in general CC companies seem to be known for icky debt collection practices. I would have corrected it if I saw you in "our" system as an authorized user. You have to be very specific about which part of something you are disputing. I'd suggest checking the "not my debt" box and if the notes area stating something like "Not the creditor for this account. Was authorized user only."
I just read the OP again. I wrote the above assuming that you'd already heard from a lender that you'd have to pay that charge off. DU (Fannie Mae automated underwriting) will sometimes make you pay collections off, but the guide says you only have to pay a charge-off if it threatens Fannie's first lien position.
I just read the OP again. I wrote the above assuming that you'd already heard from a lender that you'd have to pay that charge off. DU (Fannie Mae automated underwriting) will sometimes make you pay collections off, but the guide says you only have to pay a charge-off if it threatens Fannie's first lien position.
I still think you should dispute it though.
Any open disputes will automatically DQ you through Fannie Mae or Freddie, this I know for certain...I had to go back and get Citibank to close one over 3 years old, it still showed as open in the credit report..
How soon do you want to buy a house? You do not want a dispute showing on your credit report while going through the process? When you pulled your credit - what was your credit score? Was it okay or was this drastically lowering it. They won't make you pay off a charge off - cause its well... written off so to speak.
To do something with an old account on your credit report only makes the status more current and hurts your credit more UNLESS you are asked to do so by underwriting.
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