Posted on: 16th Oct, 2009 04:05 pm
I am in the process of buying a house everything was fine closing is in 2 weeks now the mortgage company is telling me that because i am getting state bond money to help with my down payment i can not have any disputes on my credit report. the idspute in question is paid, how can i get this dispute removed from my credit report?
You will need to contact the credit reportign agency and have to aks them to remove it if it is not really correct
But if you defaulted that payment and still paid it off, then ti will remain on the report for 7 years
But if you defaulted that payment and still paid it off, then ti will remain on the report for 7 years
There are three credit bureaus. To remove the disputes, you must call each one and request that the dispute be removed because you no longer dispute. They may request in writing.
The dispute is either recorded by one or two or three of the credit bureaus. You must correspond with each one that has the dispute recorded.
This requirement exists with more than just mortgages involving state bonds. In the past two months this has become a requriement for Fannie Mae and Freddie Mac loans as well. There are probably portfolio lenders who do not require that a dispute be removed.
The dispute is either recorded by one or two or three of the credit bureaus. You must correspond with each one that has the dispute recorded.
This requirement exists with more than just mortgages involving state bonds. In the past two months this has become a requriement for Fannie Mae and Freddie Mac loans as well. There are probably portfolio lenders who do not require that a dispute be removed.
THANKS SO MUCH!
I TRIED CALLING 2 CREDIT BUREAUS TODAY, AND BOTH ARE NOT SHOWING ANY DISPUTES. I CALLED MY MORTGAGE COMPANY AND HE INSISTS THAT I HAVE A DISPUTE. HE WILL CALL ME IN THE MORNING TO TELL ME WHICH CREDIT BUREAU IS SHOWING THE DISPUTE. WILL THIS STOP ME FROM GETTING A MORTGAGE?
If two credit bureaus do not show a dispute, it could very well be only the third credit bureau that is showing a dispute.
Mortgage underwriting is automated. You could have the mortgage person run a prequalification on one of the automated underwritng engines--DU for Fannie Mae Loan or LP for a Freddie Mac Loan or the underwriting engine for an FHA loan.
If the automated underwriting does not have a problem with any disputed items, it will come up Approve/Eligible and everything should be OK.
If a disputed item is a problem on the credit report, the automated underwriting system will come up not approved and state that the reason is for a disputed item on the credit report.
Mortgage underwriting is automated. You could have the mortgage person run a prequalification on one of the automated underwritng engines--DU for Fannie Mae Loan or LP for a Freddie Mac Loan or the underwriting engine for an FHA loan.
If the automated underwriting does not have a problem with any disputed items, it will come up Approve/Eligible and everything should be OK.
If a disputed item is a problem on the credit report, the automated underwriting system will come up not approved and state that the reason is for a disputed item on the credit report.
I am experiencing a simialar issue however all three cra 's say that the creditor os the one disputing the acct. But I was prequalified before the house construction was ever started . With this new development regarding disputes we can not find someone to underwright the loan. I have a 665 middle score and need HELP PLEASE I only have 60 days to secure a loan before they sell the house we started building . My kids have already claimed their rooms. That is the most heartbreaking thing I ever have dealt with
Hi Guest!
Welcome to forums!
As far as I know, the lenders may not be ready to give you a mortgage if there is an ongoing credit report dispute. You will have to settle the dispute first and then look out for a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, the lenders may not be ready to give you a mortgage if there is an ongoing credit report dispute. You will have to settle the dispute first and then look out for a mortgage.
Feel free to ask if you've further queries.
Sussane