What jobs can I get with experience as a loan collection officer?

Dec 212011
 

I started working in collections with a mortgage company about a month ago. It’s something I can hang with for a while, but I also don’t think calling people all day that are late on their mortgages is the “ideal” job for me. Are there any better jobs in the mortgage industry (or in finance) that I can set my sights on? As a side note, I got my bachelor’s in “General Business”.

Does a mortgage company have the right to charge you for a home appraisel?

Dec 122011
 

I have been working with a mortagage company for over a month, trying desperately to get out of an ajdustable rate mortgage I currently have. They lead me on week after week how close they were to closing. The only problem they said was they weren’t happy with the appraisel, so he sent a second appraiser to my house. After about 5 weeks, he sent me an email stating that he couldn’t re-finance me, given the way the market is, and I owe too much on the house. The true shocker was when he said I needed to send him a check for $ 700 to cover the 2 appraisels. I was horrified, and said to him that it seems like a scam because he never mentioned any cost to me, ever. He never answers my questions directly when I ask him why, (such as why did he send 2 appraisers, fed me lines for weeks, and never mentioned cost to me) yet says he will sent me to collections and it will ruin my credit. Was I possibly scammed? How do I handle this?

Thanks so much for your advice.

with a score of 500, is there a reputable mortgage company that will finance a mortgage for me today?

Dec 032011
 

i have no bankruptcys but i have collections out the @#! anyway, these collections are from companies that keep updating my report as though I am late this month when in fact it’s from 2000, i’ve paid credit repair companies to fix it and they just keep coming back and updating every month, in turn my score remains around 500, is there anyone that can help me, oh i have written all 3 credit bureaus about this.

Mortgage with a second loan going into collections?

Dec 022011
 

If I could not negotiate with my first mortgage co still waiting to see if they will modify my loan meanwhile Citi who had the second part of the 80/20 sent it to a collection agency what do i do now? Especially if my first loan is willing to negotiate a modified loan.

How long to raise score?

Mar 222011
 

Looking to purchase a home in Florida ASAP

 

FICO is 590

4 collections totalling about $1000, all have been paid off this month, after pulling credit

No recent bad accounts except for the collections

$0 debt

Income $35000-$42000 a year

One of the larger $433 collections was actually an error and is being removed

Have $6,000 saved right now, will have close to $10,000 by May.

 

Wondering when I would qualify and for how much?

How long will it take to bump up my score?

 

Just opened a secured credit card

 

 

Thanks for your help

Could this be a GEMB/Walmart GW success?

Mar 222011
 

I recently paid off some collections that were due to credit cards my sister opened in my name and failed to pay.  After I paid them off, I sent GW letters to the OCs, explaining what happened and asking them to remove the negative remarks since I paid the collection.

 

Today I got a phone call from GEMB/Walmart.  The automated message said they received my letter and they would have the issue resolved within 14 days.  No more detail than that.  Do you think that means they are going to remove the negative marks from the CRAs?  Has anyone else had a similar experience with receiving a phone call like this after sending in a GW?

54 point increase

Mar 212011
 

587 to 632 (WOW)

Paid a collection account in full with OC, no CA involved. The OC said they would report PIF, no balance. (BUMMER)

The OC didn’t report the acct as PIF, they did even better. They reported the acct as paid as agreed, no balance, no past due, closed at consumers request. (WHAT!!)

Now this 1 acct was my only revoving acct with a balance, so it was showing 100% utilization of revolving acct. It also was a 60+ day late.

So when it changed from collection to paid as agreed, it took off my only 60+ days late, and i showed a current credit card payment, and my score went up 54 points.

I still have 2 collections on my CR. Just disputed 1 of them because it was a duplicate that should have bben removed and will use a PFD with the other. Hopefully will be off by the end of April. I’ve sent out 7 GW letter (hopefully at least 1 will pay off), and that’s it. Can’t wait to see the new score when the collections fall off.

Need advice from you seasoned Veterans

Mar 172011
 

Hi,

 

I am new here on the board. I came across myFICO when researching student loan consolidations/rehabilitations. 

 

I had started to rebuild my credit about 3 years ago but had a relapse :(  I digress.

 

I just wanted to share my situation and get some advice. 

 

I just recently completed my student loan rehabilitation. I have been steadily at about 548 with Experian since July, and just pulled Equifax (509) and TransUnion (552). 

 

I still have one of my many student loans from the consolidation showing as negative but did confirm with the DOE that they sent the remaining funds (115 dollars out of 10K) that had been outstanding due to an error or timeframe issue with the payoff. So that is the only one still showing as default. I immediately disputed online and the loans are all showing zero balances paid collection accounts and I understand they will be there until they fall off. 

 

My question is more about the rest of my credit. I currently have some other derogs including 2 small collection accounts for under $300 each from 2 old utility bills. I am wondering if it would be in my best interest to offer them a “pay for delete” as I have seen it referred to?

 

I have 3 Capital One credit card accounts charged off in the past couple of years that had original balances of 750, 500, 1500 although they are showing much higher as collections. Should I try to do the same thing with them as well (PFD)?

 

I know that is kind of a vague rundown and I have some other issues with my report, but figured this would be a good start. Trying to buy a house in the next 2 years need to get into the 700′s. I understand it will take time but I’m headed in the right direction. 

 

Also, I have no credit card accounts and was even denied by US Bank for a secured card for $300 because of all the collections. I was thinking of having a friend or family member add me as an authorized user on a couple of accounts to improve my utilization and that aspect of my report.  I was thinking of waiting a couple of months after paying on my current student loans and getting some things straightened out and applying for a secured card with Orchard Bank. Any insight there?

 

Thank you in advance.

Settling Medical Debt

Mar 142011
 

Hello there,

 

I have 8 medical collections for my daughters I just contacted the original creditor of my medical bills and they referred me to the collection agency.  The collection agency is not willing to do a PFD for removal however they are willing to do a settlement of 20% off and stating that it is paid. 

 

If I pay the collection agency can I use the HIPPA process to get the collections removed from my credit reports?

How do I interpret my credit report? How does a lender?

Mar 142011
 

After 3 and a half years of credit repair, responsible credit use, and a perfect payment history, I have seen little change to my credit score. Even after pulling my free annual credit reports and my myFICO report, I am still perplexed and hope someone can give me a little insight (or as much as is possible given the proprietary nature of it all).

 

myFico gives these reasons:

 

1. You have a collection and a serious delinquency

 

It says I have 1 account over 60 days late or worse and have a number of collection. I do have 5 collections but the most recent is was over 3 years ago. I am currently waiting on a response to a PFD on this one. The others are literally months from falling off and I thought if they weren’t within 2 years they wouldn’t have such a negative impact? The serious delinquency is what I have a problem with and I will discuss this below.

 

2. You have a short credit history

 

The average age is 11 years, 7 months but the AAoA is 4 years and there isn’t anything I can do about that.

 

3. You have a recent collection

 

This is the same one mentioned above at 3 years, 1 month ago.  A very costly oversight on my part. OC wouldn’t let me PIF even though it was only 30 days late. But again, isn’t it old enough to not not be impacting my score so heavily?

 

4. You recently missed a payment or had a derogatory indicator reported on your credit report

 

But it says it was 6 years, 6 months ago! Is this what Eq considers recent???

 

 

But my main problem is Portfolio Recovery Assets. I had a vehicle repossessed almost 6 years ago and it looks like they may have bought the old “alleged” debt. On my CRs they are listed under “Accounts” with the rest of my open and closed accounts in good standing. This is the deliquency I believe myFICO is referring to. There are no others. Even though the description shows collections they are reporting a 120+ days late! Can they do that? None of the other collections report this way, they are all listed under the collections heading. Not to mention they are reporting a last payment which of course I’ve never sent them. And lastly they are calling themselves a “factoring company” and from what I understand that definition is reserved for companies who buy debt while it is still in good standing, not in default. Is this another shady tactic to confuse consumers? 

If you have gotten this far, well, thanks for taking the time. If I could sum it all up in 3 questions they would be:

1. Do you think the way in which Portfolio Recovery Associates are reporting could be what is keeping my score from going up? (It was a joint account and every month when the CA tacks on interest it and updates it actually drops my DH’s score…it’s happened repeatedly. Should a 5 yr old CO cause that?)

 

2. When a lender reviews my credit, does the almost 4 years of flawless credit count for more than the 3 years of irresponsibility before it?


2. When does a negative item become old enough to hurt your score less?

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