“Charged Off Accounts on a Credit Report Doesn’t Mean You Don’t Owe the Money”
I actually got a call from a prospective borrower who was referred by his Realtor who told me all of his credit is now perfect as the various creditors have charged off all the outstanding debts on his credit report. Seriously?
I asked him what he has on his credit report that is current and paid as agreed. He told me that he doesn’t have anything any longer because he doesn’t want to give anyone his social security number as he doesn’t trust any of “them”. I asked him who the “them” was and he told me the credit card companies.
I let him know that I couldn’t help him and that I didn’t have a lender that would be willing to work with him as he didn’t have any positive credit and was sitting with a bunch of collections. “CLICK”
I don’t think he liked what I had to say, but regardless I called the Realtor and let her know that I would not be working with her client. She told me that the kid needs someone to give him a break. I asked her if she was willing to loan him enough money to buy a home. She let me know that she wasn’t in the business to lend money.
It is sad that some folks are actually out there thinking that all the charge off accounts on their credit report means they don’t owe the money. This is not the case at all.
Image courtesy of stuartmiles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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