Closed disputes?

[bridgetkaryn]

Hi,

My broker asked me to contact the CRAs to see about having a dispute comment removed on my Ford car loan. The dispute is showing on EX and TU only and is listed as closed/resolved but consumer/customer disagrees... This was from a dispute back in Jan 2012, which Ford did remove the 30 day late, but the comments never dropped...

I have a CC that shows a dispute comment, this one is showing as Investigation in Progress BUT this dispute was filed OVER 3 years ago...

Does it matter if it says closed/resolved? I faxed the bureaus to request removing the remarks but nothing has moved yet...

Any insite on this would be very much appreciated!

Thanks!

[ezdriver]

Removing dispute comments is something that can be done within 24 hrs via telephone. The agency numbers to call have been posted here so do a search and I'm sure you will find them. Understand that your scores will take a hit when the dispute comments have been removed.

[ShanetheMortgageMan]

What type of loan are you qualifying for?  FHA?  Conventional?

If it's FHA, read http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-changing-collection-account-judgments-amp-dispute... for the guidelines on what types of disputed accounts need to be removed from being disputed or not ... TL, DR, if the account doesn't have any negative marks then you can leave it in dispute.

If it's conventional, then when your loan officer runs automated underwriting it will list whichever accounts need to be taken out of dispute.

[bridgetkaryn]

The USDA guaranteed loan...

[ShanetheMortgageMan]

UDSA is a little different on disputes.  Their guidelines say:

When an applicant’s credit report indicates a tradeline or public record is in dispute, a GUS underwriting recommendation of “Accept” may need to be downgraded by
the lender to a “Refer.” A downgrade is not required if any of the following conditions are met in regards to the disputed item listed on the credit report:

1.) the tradeline has a zero dollar balance,

2.) the tradeline is marked “paid in full” or “resolved,” or

3.) the tradeline has a balance owed of less than $500 and is more than 24 months old.

In the event a GUS underwriting recommendation is downgraded to a “Refer” the lender must remit a fully underwritten case file to the Agency.

For manually underwritten loan files all disputed tradelines with outstanding balances/payments that have been excluded from the debt ratios must have evidence in the permanent loan file to support a justifiable dispute. Evidence may include correspondence from the applicant/their attorney to the creditor.

So since one of them says "resolved" then the dispute doesn't need to be removed, if the credit card one over 3 years old doesn't have a balance then it wouldn't need to be removed either.