Question for Marv, thanks in advance.

[Killbadcredit]

Hey Marv, thanks for taking and answering our questions. I have one about financing. My wife and I are in the market for a pickup. 

 

This question deals with “disputing accounts and applying for auto loan”.

 

Can lenders see you have an active account dispute, and does that hurt your chances to obtain a loan? Always wondered that. 

[MarvBear]

If one of your accounts is in a disputed status, provided that either the Credit Reporting Agency or the Creditor follows the FCRA, then prospective lenders will see the disputed notice.  I never paid any attention to that at all.  I was always focused on stability and DTI/PTI. 

 

I don't believe a disputed notation would have any negative associations if all else was OK.

 

One thing for sure DON'T DO............... Is provide a consumer statement to be included on your credit file(s).  I have never seen one that made common sense or enlightened one about to render a decision.  Almost all of them are laughable.

[Killbadcredit]

So now we know, credit boards pay attention. Great knowledge here, but yes I agree on the consumer statement, that reminds me I have one that they added.

 

”Creditor agreed to remove” Go figure.

Thanks Marv, appreciate your knowledge.

Edited February 16, 2024 by Killbadcredit