To Dispute or NOT to Dispute... Here is the answer to the question!!
Posted by DallasLoanGuy , 10 February 2011 · 164 views
Disputing credit reports when applying for your mortgage loan.
Don't do it....!! Disputes need to be resolved before you can borrow on a home loan anyway....
Quite frankly.... If you are disputing items on your credit report.... You are NOT READY to borrow money on a home.
So stop it!!!
Here is the deal.... The FICO score is supposed to ignore disputed items when scoring a credit report. Consumers know this and have been gaming the system for years by disputing negatives right before the mortgage lenders pull a credit report. Well, the lenders have caught on and now require all disputed trade lines on a credit report to be resolved. WHY? Because credit scores are relied upon heavily in the pricing of a loan(interest rate and fees).
Now... If you have something pop up as 'disputed' on your curent report and have forgotten about it.... Then talk to your loan officer about getting this account 'resolved' quickly. The loan officer can use the company that they use to pull credit reports to correct this pretty quickly. If your loan officer cannot accomplish this.... It is time to change loan officers. Do NOT get caught a couple of days before closing with an issue like this... It is simple fo those that know how to correct/fix this underwriting requirement.
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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