Posted on: 10th Nov, 2011 12:11 am
My property was sold off by me before the day it was to be foreclosed on. It was listed as "paid after foreclosure started". However, I disputed it and my score went up. However, it says it has been disputed on my fico score watch. Will my score go back down or should I count on the rise in score?
I don't think your score will face any negative affect just because you disputed it. Your score would remain the same.
When an account is noted on the credit report as "DISPUTED", that account is not included in the calculation of the credit score so the negative information is not counted and your score would go up once the account and the negative information is not considered.
When "DISPUTE" is removed from the account, if the negative information is still there , the score will drop because it is now included in the credit score calculation.
That is why most mortgage lenders do not approve mortgages if there are accounts in dispute. They require the dispute be removed to see what the credit score is with the dispute removed.
When "DISPUTE" is removed from the account, if the negative information is still there , the score will drop because it is now included in the credit score calculation.
That is why most mortgage lenders do not approve mortgages if there are accounts in dispute. They require the dispute be removed to see what the credit score is with the dispute removed.
Hi Spring,
Credit scores are based on ALL of the information showing in your permanent credit file at the time they are calculated. Every piece of information connects to the other pieces and forms a cohesive picture which can only be guessed at. The reason for this is that the Fair Isaac Company (FICO), who developed credit scoring software don't release the methods behind their madness. If they did, who would need them? So any guesses about credit scoring additions and subtractions are based on emphirical data only.
:idea:
Credit scores are based on ALL of the information showing in your permanent credit file at the time they are calculated. Every piece of information connects to the other pieces and forms a cohesive picture which can only be guessed at. The reason for this is that the Fair Isaac Company (FICO), who developed credit scoring software don't release the methods behind their madness. If they did, who would need them? So any guesses about credit scoring additions and subtractions are based on emphirical data only.
:idea:
