Mortgage Loans

[getting2work]

Did I read this correctly in another post? Can someone who is an expert please clarify this? My husband and I have been disputing things on our credit reports, many of which were errors. Much has been deleted because of this process, but some have not and how show comments "account information disputed by consumer" Does this harm the chances of getting approved for mortgage? If so what can I do about it? Are the CRA's requireed to remove that verbage if I ask or is it stuck there?

[musikklvr]

Yes it was true in my case. My lender would not approve me with those disputes on my credit report. It took me 2 months to get it taken off. The final one just came off over the weekend and now I'm pre-approved. Call all 3 credit bureaus and tell them that you are no longer disputing anything on your credit report. Some, creditors will have to contact the credit bureaus to have it taken off.

I had one creditor that I had to call to give authorization for Transunion to call them so they can tell TU it's not being disputed.

[getting2work]

Do you know if this is pretty much true across the board for most lenders? We are trying to rebuild our credit score in order to buy our first home. (VA loan) Also, what if you really are still diputing that? They would still require you to have it removed even if it is really an error? OMG what a nightmare. I am glad to find out about this now and not when it is too late though.

[musikklvr]

I'm going for a VA loan, too. Every place I have called has said they wanted all disputes to be resolved. So, if you are still disputing, you will need it to be resolved before they approve you. I know how frustrating this is. I believe this is something they just starting doing a couple of months ago. I don't think it mattered last year. Something else just to make it harder to get a loan now.

[mickie08]

Most lenders are doing this because too many people were balnketing their credit reports with disputes to try to get legitimate stuff removed.  So, they are trying to "force" some honesty back into the credit files.  By making all disputes be resolved it makes people (and the credit repair companies) re-think doing that when the accounts are accurate.  BY any common sense, it does make sense that a lender would want any informationt aht is disputed on your credit report to be resolved before going through with a loan.  Even more so since this information si almost always NEGATIVE info so they want to see that final status.  It jsut sucks becuase people and LO's are not yet used to it and are finding out at the last minute that it is an issue. 

[getting2work]

Thanks so much both of you for clearing this up! I am glad to find out now  when we still have six months or so before we actually are ready to apply.

[tray]

Hi everyone, one question if anyone can answer if all else fails to remove the dispute off a cr, can just paying off the account will the dispute then be removed.  Thanks for any information.