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Trying to get a loan but denied. Need help

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Member

Trying to get a loan but denied. Need help

Hi everyone, I need some help.  I am trying to refinance my home mortgage and everyone was going smoothly until I got a call from my refinance company saying that I got denied the loan because I have several trade lines showing up that are being disputed.  What do I do now?

Message 1 of 6
5 REPLIES
Epic Contributor

Re: Trying to get a loan but denied. Need help

 


treyday wrote:

Hi everyone, I need some help.  I am trying to refinance my home mortgage and everyone was going smoothly until I got a call from my refinance company saying that I got denied the loan because I have several trade lines showing up that are being disputed.  What do I do now?


What are these new tradelines showing up?

 

Message 2 of 6
Moderator Emeritus

Re: Trying to get a loan but denied. Need help

OP, lenders tend to shy away from applicants that have items under dispute. I'd wait for them to clear up and make sure they report as such, then try again.

Message 3 of 6
Member

Re: Trying to get a loan but denied. Need help

I appreciate the response and I should have reported more detail.  I got into some credit card trouble several years ago.  I had some chargeoffs and late payments show up on my report.  I disputed them over 3 years ago.  Apparently these old trade lines are showing up as being disputed so I don't necessarily want to wait because I have no idea how long that could take.

Message 4 of 6
Established Member

Re: Trying to get a loan but denied. Need help

Experian will delete disputes with a phone call from you saying you have no disputes and would like this comment removed from your report. Transunion and Exquifax take more work. ( I had same issue on my original mortgage and posted on the forums here about it) These were actually closed accounts, paid in full, with no negative notations so why would I dispute them??!! Yet it showed on two " account disputed by consumer"   I had to get letters from the company's stating  (on their letter head )that any past disputes were resolved. This was actually pretty easy with a call to the accounting/customer service dept. I Faxed these to Equifax and Transunion. Eventually comments were removed. Transunion quicker - Equifax slow as molasses!!    Good Luck and start now maybe call everyday keep trying to get further up the food chain!!

Smiley Wink  

Message 5 of 6
New Member

Re: Trying to get a loan but denied. Need help

I am having a simlar issue with my loan.  First thing you should do is call the credit bureaus and ask that they remove the dispute status but advise them NOT to open a new dispute to "dispute-your-dispute". See if they will remove it just based on the statement you are making to them by phone.  You will need a credit report number from Experian to get through on the phone to a live rep, but they will remove for you without issue. The number I called for Experian is 888-397-3742.  TransUnion is 800-916-8800.  when calling Equifax, I have to deal with their affiliate CSC Credit Services, 866-487-0264.

 

Next step I would take if I were you is to call all of the creditors whose items show a dispute status and advise them that you are not disputing and request that they write you a letter on their letterhead to acknowledge you no longer dispute the account and that they are going to remove the dispute with all three credit bureaus. You will need that letter in order to deal with this issue and to speed up the dispute removal process with Equifax and TransUnion. In fact, the way I understand Equifax's policy on this issue is that they will not remove it without the letter.

 

Good luck...

 

Message 6 of 6