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Old 07-17-2009, 03:25 PM
608 posts, read 1,149,067 times
Reputation: 463


I am trying to get a USDA loan. The rules stipulate that you can not have had "accounts converted to collections in the past 12 months." My credit report shows that National Credit Systems opened the account on 10-2007, it was reviewed on 10-2008. The delinquency date is 10-2008, as is the date last active and the payment pattern start date.

I have the original letter from National Credit Systems dated Oct 22, 2007 saying the account was placed in their office for collections, and that I have 30 days to dispute. The debt ($168) wasn't paid because I never received a bill from my old apartment complex. All I wanted to see was a bill, which no one ever sent me. I then tried to send a good faith letter to NCS a few weeks ago saying I will pay the debt if you take it off my report, and didnt hear from them.

So I am losing a great loan over a $168 debt, which I have in my pocket.

So who is right? I read the letter to mean that it was put into collections in 2007 not 2008. My broker has been really good about this so far, but he is pretty much sticking firm with what he sees. Is this legal? disputable?
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Old 07-18-2009, 06:31 AM
Location: Wake Forest, NC
835 posts, read 3,528,843 times
Reputation: 646
It is absolutely legal. Guidelines can be anything they want as long as they are enforced equally to all parties applying for credit. This is not your broker it is the USDA guidelines so don't try switch brokers to get this through USDA- just tryiong to save you some time and heartache.

The real lesson here is you won the battle- didn't pay that money because they couldn't produce the bill. You lost the war because it is preventing you from buying a home. I tell all of my clients and ask them to share with friends- when someone calls about about past due bill it doesn't matter who is right or wrong- just pay it!!!!!! Fight to get your money back afterwards but don't let it go to collections because you don't think you owe it. If you would have paid this bill in 2007 that would have been the date of last activity and you would now be fine. You could have fought and if proven you were correct it would have been refunded and removed form your credit report.
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