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Disputing when applying for a mortgage

Established Member

Disputing when applying for a mortgage

Hi islefan39,

 

I took the liberty of correcting a word in your title and I am moving this to Mortgage Loans since your main concern seems to be a future mortgage.

 

MarineVietVet, myFICO moderator


I was wondering if someone on here could help and clear something up for me. I was reading a few things and came across something that I was not sure of. If items in report are in dispute when applying for a mortgage does that it look worse to the lender? I am not in the process of applying now, but will be in about a year, year and a half or so. If this does have a negative impact how long before I do apply should I hold off on disputing anything in my report? Thank you

Message 1 of 5
4 REPLIES
Established Contributor

Re: Disputing when applying for a message

Why not dispute now?  Typical disputes take 30-45 days, so you have plenty of time.

 

What types of things are you disputing?  You have to be careful so your report doesn't get a "fraud alert" placed on it..

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 2 of 5
Moderator Emeritus

Re: Disputing when applying for a mortgage

Generally speaking, lenders/underwriters don't like to see active disputes on one's credit report when going through the pre-approval and approval process.  Disputing can result in artificially higher scores, though in some cases it can actually result in a lower score.

 

Like casmith already mentioned, since you're not planning on obtaining a mortgage in the immediate future, now is a good time to address legitimate errors on your credit report.

Message 3 of 5
New Contributor

Re: Disputing when applying for a mortgage

How long will comments stay on that the info was disputed? There were some items that we disputed on my husband's (to change how it was reported, not the actual balances since they were already paid collection accounts) and we will be applying for a mortgage in June or July.

Message 4 of 5
Valued Contributor

Re: Disputing when applying for a mortgage


pengy_wi wrote:

How long will comments stay on that the info was disputed? There were some items that we disputed on my husband's (to change how it was reported, not the actual balances since they were already paid collection accounts) and we will be applying for a mortgage in June or July.


YYMV, but from my understanding, and what I had to deal with, is any accounts that have a balance cannot have a dispute tag. If the account is paid, the UW will ignore it.

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
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Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 5 of 5