Reply
Established Member
Posts: 16
Registered: ‎09-28-2011
0

Disputing when applying for a mortgage

[ Edited ]

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

Established Contributor
Posts: 645
Registered: ‎03-20-2010
0

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
Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
0

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.

New Contributor
Posts: 73
Registered: ‎04-10-2012
0

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.

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
0

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
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


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
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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.