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Cleanup Dispute Text in Comment Field Before Applying?
Posted 20 April 2011 - 02:40 PM
In looking at my CR, I see the following in the comment section:
Wells Fargo Home Mortgage
Consumer disputes this account information,
Freddie Mac account
Nelnet Student Loan
Consumer disputes after resolution,
Will having "consumer disputes" in the comment section for these 2 raise red flags for mortgage approval? Should I contact Wells Fargo and Nelnet and ask that they update the comment section with the 3 CRAs? Thanks.
Posted 20 April 2011 - 02:53 PM
Posted 21 April 2011 - 10:40 AM
Posted 21 April 2011 - 10:42 AM
Edited by squarepusher, 21 April 2011 - 10:43 AM.
Posted 21 April 2011 - 11:14 AM
Posted 21 April 2011 - 11:16 AM
Posted 21 April 2011 - 11:45 AM
Personally I never do a rapid rescore to remove dispute comments, I do conference calls with my clients directly to the credit bureaus and they are removed within a day or two, sometimes the same day. However the rapid rescore process is the same for removing dispute comments as it is with removing a late, etc. Letter is generated by creditor -> loan officer sends it to credit vendor -> credit vendor sends letter to the 3 credit bureaus -> 3 credit bureaus confirms with creditor the information in the letter is true -> credit report is updated -> new credit report is pulled showing all changes (not just the information that was the reason for the rapid rescore). Sometimes it can be a 1-2 day process, sometimes it can be 3-4.
Posted 21 April 2011 - 04:27 PM
Does the above still involve running scores again???
Posted 21 April 2011 - 04:59 PM
Posted 21 April 2011 - 05:48 PM
Have you contacted HSBC about the way it is reporting?
Posted 21 April 2011 - 05:54 PM
Edited by squarepusher, 21 April 2011 - 05:56 PM.
Posted 21 April 2011 - 06:05 PM
Posted 21 April 2011 - 06:14 PM
The charged off account is yet a different HSBC account that was charged off in Nov 2009 and I received a letter that this particular account was settled in Dec 2010 and that I no longer owed them anything. After that HSBC started reporting lates in the form of "CO" every month after the date that it originally charged off, NOV 2009 until now...even last month they reported "CO".
Posted 21 April 2011 - 08:24 PM
Posted 21 April 2011 - 10:36 PM
Live.....thank you for all of your commenting. You and the rest of the brokers/lenders do us novices a great service. I appreciate all the time you have spent thus far.
Posted 24 April 2011 - 07:53 PM
Posted 24 April 2011 - 10:38 PM
You need to contact The bureaus and ask for the “Executive Customer Service Team” which will help you end the dispute. On your report there should be phone numbers to do this......otherwise you can google them
After reading this I checked my reports, almost every single item on my report says disputed by consumer. What is the best way to go about getting these comments removed?
It will take some work to get through to someone but once you do they can usually get this done very quickly
a report that has all items in dispute will have a tough time with almost any underwriter as this is the practice that led to this guideline change -
Posted 24 April 2011 - 10:47 PM
Posted 24 April 2011 - 10:52 PM
the whole reason for this is people were going and disputing everything on a report as a quick fix to their scores - it worked too - but the banks wised up and the system was changed -
Posted 25 April 2011 - 09:46 AM
All the disputes are in the consumer comment section, none in the creditor comment sections.
Posted 25 April 2011 - 10:09 AM
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