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Old 03-19-2016, 09:15 PM
 
52 posts, read 32,799 times
Reputation: 51

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I really need some advice on this board. I want to close on a house and that in itself is an emotional roller coaster.

My broker ran my credit credit report which, I check every month and there are four balances on here that aren't mine ranging from credit card, mortgage and student loan totaling 450K. My 3 bureau credit report doesn't match my broker's report, says I don't own any debt. I check all the information and everything seem to be fine.

I did a quick read online and notice it takes time for this come off the credit report. I don't have any time so I must as well kiss the only house my family could afford goodbye since I am at a bidding war.

Even if I win, my mortgage will be much more than I can afford since my credit score drop 25 points when comparing reports.

Any advice would be greatly appreciated. I am calling the bureau Monday.


Thanks,
Sincerely Homeless
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Old 03-20-2016, 10:14 AM
 
Location: West Somerville
81 posts, read 158,640 times
Reputation: 88
I had an issue where my fathers mortgage was showing on my credit report. I called the credit bureau and they removed it instantly. It only took about 20 minutes. My score is over 800, so not sure if that makes a difference.
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Old 03-20-2016, 12:03 PM
 
Location: Bloomington IN
6,799 posts, read 8,218,288 times
Reputation: 16842
If a drop in your credit score means you can't afford the mortgage, you probably can't afford it at all. You may want to rethink a purchase right now and focus on increasing your savings/down payment so you are in a better position to afford a house.
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Old 03-20-2016, 12:05 PM
 
Location: North Beach, MD on the Chesapeake
34,582 posts, read 43,703,203 times
Reputation: 44550
Quote:
Originally Posted by rrah View Post
If a drop in your credit score means you can't afford the mortgage, you probably can't afford it at all. You may want to rethink a purchase right now and focus on increasing your savings/down payment so you are in a better position to afford a house.


He can't "afford" the house because his credit report shows $450K of fraudulent debt. If he already has a decent score (without the fraud) the 25 points shouldn't budge the mortgage much.
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Old 03-20-2016, 12:15 PM
 
Location: Bloomington IN
6,799 posts, read 8,218,288 times
Reputation: 16842
Quote:
Originally Posted by North Beach Person View Post
He can't "afford" the house because his credit report shows $450K of fraudulent debt. If he already has a decent score (without the fraud) the 25 points shouldn't budge the mortgage much.
He indicated that he couldn't afford it, even if he "wins" (the incorrect info is removed) because his credit score would drop 25 points and increase the rate. My point is that if he can't afford a slight rate increase because of a 25 point drop, he should not be buying right now.
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Old 03-20-2016, 04:40 PM
 
1,055 posts, read 1,023,550 times
Reputation: 2423
Quote:
Originally Posted by Darock View Post
I really need some advice on this board. I want to close on a house and that in itself is an emotional roller coaster.

My broker ran my credit credit report which, I check every month and there are four balances on here that aren't mine ranging from credit card, mortgage and student loan totaling 450K. My 3 bureau credit report doesn't match my broker's report, says I don't own any debt. I check all the information and everything seem to be fine.

I did a quick read online and notice it takes time for this come off the credit report. I don't have any time so I must as well kiss the only house my family could afford goodbye since I am at a bidding war.

Even if I win, my mortgage will be much more than I can afford since my credit score drop 25 points when comparing reports.

Any advice would be greatly appreciated. I am calling the bureau Monday.


Thanks,
Sincerely Homeless
There's something wrong here if the broker says you have $450k and 4 balances and you say you don't see the 4 fraudulent amounts on any of the 3 agency credit reports you obtain. The broker isn't pulling your credit report from some magical 4th place, he should be looking at the same credit reports you are.

To me, that means one of three things - (1) The broker accidentally pulled the wrong person's report, either because he screwed up or because you screwed up when filling out your paperwork (2) the broker is screwing with you to force you into a situation of paying more money for your loan so he can make a higher profit off you or (3) the fraud is recent and you haven't checked your credit reports in awhile.

I don't have any advice other than to pay the money to obtain your 3 credit reports from the real credit agencies online (don't use a third party site) and depending on what you find give them a call asap.
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Old 03-21-2016, 05:22 AM
 
52 posts, read 32,799 times
Reputation: 51
Quote:
Originally Posted by J1mbo01 View Post
I had an issue where my fathers mortgage was showing on my credit report. I called the credit bureau and they removed it instantly. It only took about 20 minutes. My score is over 800, so not sure if that makes a difference.
Thanks everyone for your input. It turned out that a family's member information was incorrectly added to mine. We have similar names and our SS # is different by a digit. There was no cosigning of loans. Hopefully calling the bureau will get this resolved and won't take too much time.
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Old 03-21-2016, 02:00 PM
 
155 posts, read 202,883 times
Reputation: 126
call them, they will update quickly and the results should show within 24-48 hrs
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