Sure there are...they waste your time and put the credit reporting agency on notice that your a requests are bogus. You would be better off working to cancel old lines of credit (Cards you no longer carry or use) and increase your score.
[addsig]
I'm an investor, but also a mortgage broker so let me help you a ****Must Reach Senior Investor status before posting URL's***he mortgage industry has changed. First of all, don't pay anything without the advice of your loan officer. Most sub-prime programs don't require collections to be paid off; some even allow judgments. The older a derog, the less it affects you. However, if you pay it off, it becomes a recent derog. So, paying often hurts more than it helps when not done properly. I could say more, but this should start you to thinking. Consult a mortgage broker of your choice. A broker as opposed to a lender will have many different investors with flexible lending programs. He/she can shop around for you and let you know what you need to do. Good luck. Really, you should have started this a year ago. But, better late than never!
Forgot to add: DONT challenge all your derogs if you are serious about wanting to buy. It looks very bad when it comes back "verified owing." Plus, you will have to wait until the investigations are done (30 to 60 days) before anyone (any lender trying to get financing for you) can help you. Then, anything you are definitely going to pay should be coordinated by the loan officer using rapid rescore to immediately bring your score up.
I recently paid off some old dept with a collection agency. I was told by the collector that if you wait about 3 months after you pay off the debt then challenge the debt they will call the collection agency to check for pay off information. The collection agency does not have the time or man power to verify paid off accounts, plus it is of no benefit to verify an account already paid off. This will only help to remove any paid off debts on your record as though they never existed. You must at least pay off the debt.
I would find some corroboration before employing the above strategy. It makes me a wee bit suspicious that a collection agency would be so willing to state such a thing.
Dishonesty always has penalties.
Sure there are...they waste your time and put the credit reporting agency on notice that your a requests are bogus. You would be better off working to cancel old lines of credit (Cards you no longer carry or use) and increase your score.
[addsig]
Thanks, I'll tell my friend of a friend of a friend that it's not a wise idea.
Desperate times call for desperate measures.
I'm an investor, but also a mortgage broker so let me help you a ****Must Reach Senior Investor status before posting URL's***he mortgage industry has changed. First of all, don't pay anything without the advice of your loan officer. Most sub-prime programs don't require collections to be paid off; some even allow judgments. The older a derog, the less it affects you. However, if you pay it off, it becomes a recent derog. So, paying often hurts more than it helps when not done properly. I could say more, but this should start you to thinking. Consult a mortgage broker of your choice. A broker as opposed to a lender will have many different investors with flexible lending programs. He/she can shop around for you and let you know what you need to do. Good luck. Really, you should have started this a year ago. But, better late than never!
Forgot to add: DONT challenge all your derogs if you are serious about wanting to buy. It looks very bad when it comes back "verified owing." Plus, you will have to wait until the investigations are done (30 to 60 days) before anyone (any lender trying to get financing for you) can help you. Then, anything you are definitely going to pay should be coordinated by the loan officer using rapid rescore to immediately bring your score up.
only the disputable one... truthful items leave alone... cut a deal with them directly to remove items
I recently paid off some old dept with a collection agency. I was told by the collector that if you wait about 3 months after you pay off the debt then challenge the debt they will call the collection agency to check for pay off information. The collection agency does not have the time or man power to verify paid off accounts, plus it is of no benefit to verify an account already paid off. This will only help to remove any paid off debts on your record as though they never existed. You must at least pay off the debt.
I would find some corroboration before employing the above strategy. It makes me a wee bit suspicious that a collection agency would be so willing to state such a thing.