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Credit Score Information For Kentucky Home buyers


Credit Scores are important for getting approved for a Mortgage in Kentucky.

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Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports


The three nationwide credit reporting agencies, Equifax, Experian and TransUnion, announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports. The companies’ CEOs provided a joint statement on the decision to change their approach to medical collection debt reporting: … Continue reading Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports

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How are collections treated on a Mortgage loan in Kentucky for a FHA and Conventional Loan Approval?


Collection Account Tips for Fannie Mae and FHA Loan in Kentucky. Do they have to be paid to get approved for a Kentucky Mortgage Loan? Collection accounts  on the credit report can sometimes hurt your chances of getting approved for a Kentucky Mortgage loan in Two ways: First, if collections are recent, they may drag … Continue reading How are collections treated on a Mortgage loan in Kentucky for a FHA and Conventional Loan Approval?

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Does bad debt, collections, or charge offs on credit report have to be paid off to get a VA loan approval in Kentucky


Collections on Credit Report and How They affect a Kentucky VA Mortgage Loan Approval   Collection accounts are accounts for a debt that have been submitted to a collection agency by the creditor generally due to nonpayment. Below are general tips and guidance on what DU will require when collection accounts are reporting on a borrower’s … Continue reading Does bad debt, collections, or charge offs on credit report have to be paid off to get a VA loan approval in Kentucky

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FHA eases mortgage rules for some credit-impaired applicants for collections and charge offs


FHA Collection Accounts • A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor. • Medical Collections are not required to be paid and satisfied. • Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance … Continue reading FHA eases mortgage rules for some credit-impaired applicants for collections and charge offs