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Does a Dispute on My Credit Report Screw Up Financing?

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Alberio
Contributor

Does a Dispute on My Credit Report Screw Up Financing?

I was just looking at my credit report and saw an erroneous notation about an unpaid debt.  It is only on one report, not the other two.  It came up when my LO pulled my credit as well and I was shocked.  It is from about three years ago.

 

If I dispute it, will that screw up my financing?  I think I have seen things here where a lender will not move ahead because there is a notation that something on the CR is in dispute?  Or am I dreaming??


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Message 1 of 8
7 REPLIES 7
roadwork
Established Member

Re: Does a Dispute on My Credit Report Screw Up Financing?

Going through this now for FHA, I had a dispute comment/remark on an old collection.... had to get it removed before we can move forward. I am waiting on the confirmations for deletion now, and hopefully it will not impact my score.

Message 2 of 8
CreativeFinanceQueen
New Visitor

Re: Does a Dispute on My Credit Report Screw Up Financing?

FHA guidelines state that any open collection acct in dispute with a balance of $100 or more. If you are disputing a slow pay or a collection with a balance of $100 or less then you should be fine. Keep in mind all Mtg companies have their own company policies on top of FHA guidelines so you need to find the right company or know how to remove the disputes pretty quickly. ;0)

Message 3 of 8
newmomnewme
Valued Contributor

Re: Does a Dispute on My Credit Report Screw Up Financing?


@Alberio wrote:

I was just looking at my credit report and saw an erroneous notation about an unpaid debt.  It is only on one report, not the other two.  It came up when my LO pulled my credit as well and I was shocked.  It is from about three years ago.

 

If I dispute it, will that screw up my financing?  I think I have seen things here where a lender will not move ahead because there is a notation that something on the CR is in dispute?  Or am I dreaming??


I was able to get all of mine removed very quickly. There is a thread here that gives telephone numbers to call at each CRA.  Equifax and TU did it while I was on the phone and sent confirmation the next day. Experian deleted all of the dispute comments in 24 hours. Search this board. Good luck!!

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Message 4 of 8
DallasLoanGuy
Super Contributor

Re: Does a Dispute on My Credit Report Screw Up Financing?

they need to be off there.... it is easier.

i have had people still get a loan with them on there... we just had to do a manual underwrite.

this was fha

i dont manual underwrite conv

 

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Message 5 of 8
ezdriver
Senior Contributor

Re: Does a Dispute on My Credit Report Screw Up Financing?

"In dispute" commens on credit reports cause pain from underwriters. I'm experiencing that currently. In my case, the item is an old mortgage on a foreclosure that happened in 2010 and it was included in ch7 bankruptcy discharged in April of this year. The underwriter is still asking for the comment to be removed.

Message 6 of 8
vnita06
Valued Member

Re: Does a Dispute on My Credit Report Screw Up Financing?

What if the dispute is on an account that has been paid.
Message 7 of 8
ShanetheMortgageMan
Super Contributor

Re: Does a Dispute on My Credit Report Screw Up Financing?

http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-changing-collection-account-judgments-amp-dispute...

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