Posted on: 14th Jan, 2013 11:51 pm
Hi there… I have a collection account mentioned in my credit report which is more than 8 years old. Now I am applying for a mortgage. Should I have to pay off the collections account in order to get the mortgage?
You can request the credit bureaus to get that removed from your report. Thereafter, apply for the loan.
Normally any negative items gets removed from the credit report after 7 years. Since 8 years have passed, you can ask the credit bureaus to remove it from your credit report and update the correct status. This might help your cause.