05-16-2012 10:51 PM
Hi there, I'm a noob in this forum, so forgive me if I posted on the wrong board. My wife and I recently just started researching mortgage loans since we're looking to buy a house. I learned from a blog that you can no longer have a disputed account on your credit report and get approved for a mortgage. I lived most of my life overseas so I never checked my credit until I came back to the states when I was 24. When I checked my credit the first time two years ago I found that I have a collection for comcast in 2007 for the amount of $30. But I just came back to the states in 2009. So naturally I disputed this account to EQ TU and EX, saying I have no knowledge of it. When I saw that you cannot have disputed account when applying for mortgage, I panicked and pulled my EQ report from this site. I cannot find the account anywhere in the report, it's as if it never existed. So my question is.......is this account disputed or simply removed? If it is disputed, is there anything I can do right now to keep the mortgage from being denied?
05-17-2012 12:07 AM
You should have received notification of the results of your dispute after you submitted it. In any event, I'm assuming that you know that it was on all three credit reports previously, i.e., you had pulled all three reports, seen it on there, and disputed it with all three. If that is the case, it would appear that it has been removed from at least EQ. There's no issue there.
You need to check TU and EX as well. They don't all necessarily resolve the dispute the same way. If the dispute is resolved against you, sometimes there is an Account In Dispute remark in the comments section. It will say something like "Consumer disputes account information; meets FCRA guidelines" or something similar. If that is the case, you'll need to get that remark removed, or better yet, get the collection removed.
05-21-2012 07:31 AM
Hey Walt,isn't that remark on the comments section means that the dispute is resolved? Will that still be a problem when applying for a mortgage?
It is apparently still a problem. I don't know why. Could be that underwriters fail to appreciate the difference, or there could be some reason I am not aware of where they have a problem merely with the remark. But lots of people report having to have these remarks removed as a condition of approval.
05-21-2012 08:35 AM
i have (1) consumer disputes account info remark on my reports from 1st resolution collection. they appear in my creditor accts as well as collection accts (don't know how they did that) i thought this would be a problem for me.they would not remove the remark and i tried sooo many times to get them to do so. i believe the one thing that has helped me is the fact that i included this collection in my bk. the lender has seen the remarks from their credit pulls (all 3 reports) but i have not had to do anything concerning it in my conditional approval.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.