Mortgage Loans

[islefan39]

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

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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

[casmith1980]

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..

[Lel]

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.

[pengy_wi]

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.

[rckstrscott]

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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.

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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