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Hi all,
I had applied for a mortgage loan through a mortgage broker, but was denied. I thought I would be approved with a score of 657 :x
I was told that my school loan had 11 derogatory hits. I don't know how to correct that with. I had filed bankruptcy and lost my home in 01. I am 53 yr old and want my own home. I have a good job for the last 23 yrs. How can I correct this ? Would a credit repair company be able to fix this?
The details
38 serious delinquencies & collections.
18 Number of accounts with delinquency & charge-off.
What should I do?
repairing credit
Hi Corry,
I was told that my school loan had 11 derogatory hits. I don't know how to correct that with. I had filed bankruptcy and lost my home in 01.
Please let me know if these derogatories have been entered on your credit report before or after the bankruptcy? If these derogatories have been entered before the bankruptcy, these should have got removed till now. However, if the loan was included in bankruptcy and discharged, then this account should show discharged status with zero balance. If you think there are any discrepancies you can dispute the listing.
How old are the other delinquencies? First check the Statute of Limitations (SOL) on all of these. If the SOL on these accounts has expired you can dispute these items with the credit bureaus. In case the SOL has not yet expired and if you are unsure about the items, you can seek debt validation.
In regards to the charge-offs (if the SOL has not expired) you can request the original creditor to pull back the account, and request him to agree to "Pay for delete" (PFD) on payments. The charge-offs will get removed.
Hope this helps.
Regards,
Aaron