well, i've been pretty busy lately with the new house move and haven't had much time to post, but i finally found some time today, and i thought i'd share some interesting information. i've created a lot of stress by changing lenders at the last minute, but i am saving about 1/4 of a point.
anyway, during the loan process, my lender pulled my credit report and while my credit is okay, something very interesting came up -- a collection filed against me.
well, i have hardly ever been late on a payment in my life, so i was very surprised to see that i had a balance so old that it was kicked over into collections. it turns out that after i moved out of a place i was sharing with my brother, i never filed the appropriate change of responsibility forms so that he would take over the utilities, etc. it turns out that after he moved out, he didn't pay the last bill, so there is a mark on my credit for collections on a $119 light bill.
i don't know what to really do about it. the collection agency has never contacted me and the debt really isn't mine. should i really bother about a 6 year old collection? from my limited research, paying off the collection won't erase it from my report -- it'll stay on there for 7 years!
it hasn't impacted my life or my ability to acquire credit. either way, let it be a lesson to you -- these little things can have side effects that you have no idea about.