Approved with Condition, help please!

kball64 · ‎08-03-2009

Hi. I am hoping to get a quick resolution. First of all, I'm very happy because I was approved! But it came with one condition. I have one account on all 3 of my reports that states "consumer disputes". It's a paid charge off from Dec 2007. The only thing I had disputed about it was the reporting dates. It was never resolved so I just let it go. Anyway, my mortgage broker called today to tell me that if I no longer dispute the account I need to request to have it removed from all 3 reports. I called EX and they were super easy. I have yet to call CSC because they were already closed but I called TU and the rep said he needs to submit another dispute to have it removed and it will go to the creditor to be verified. That seems really stupid to me but I guess that's how they do it. Does anyone know if there is a faster way? And info on how to deal with CSC on this? My broker said they will pull all 3 reports again before closing (which is on Aug 28th) and I want to make sure it's off.

Thanks!!!

musikklvr · ‎08-04-2009

Hi Kball,

There is no easier way. I went through this earlier this year. EX was quick and easy. TU & EQ I had problems. TU did the same thing. They told me the creditor had to have it taken off. I was like, I'm the one who disputed it and I no longer dispute it so just take it off. NOPE. I had to call the creditor, tell them to notify TU that this is no longer being disputed. I went back & forth between TU and the creditor.

In the meantime, TU screwed up other items on my report by disputing items I never had a dispute for. It took about 45 days before they were all off my credit report.

My suggestion to you is to monitor your credit reports while you are having the disputes taken off and make sure you pull your reports before the loan officer does to make sure everything is off and all other items are ok.

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kball64 · ‎08-04-2009

Thank you for that info! Since I am in Texas I have to deal with CSC rather than EQ. I'm trying to call them this morning but they aren't open yet. Give me a break!

I am going to give Wells Fargo a call and see if I can get someone to send something to EQ and TU. You're right, EX was sooo easy. I wish they all could be that way.

ShanetheMortgageMan · ‎08-04-2009

Depending on your mortgage broker's credit vendor, they may just be able to verify with you that you are no longer disputing the accounts. Just had this situation for someone and we called our credit vendor, Kroll Factual Data, and informed them that the accounts are no longer in dispute (the disputes were from beginning of 2009/late 2008), they just called the client up and confirmed that they weren't disputing them anymore, and changed the status on the credit report to "dispute resolved". It doesn't update it on the bureau level, but on the credit report that the underwriter is utilizing it would be. Took less than 24 hours.

Message Edited by ShanetheMortgageMan on 08-04-2009 12:35 PM

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Anonymous · ‎08-05-2009

I am having same problem to get my loan approved. EQ was nice and wasy but TransUnion and Experian are giving me hard time to clear the status. only thing they could do us to dispute nothing else. which will take about 30 to 45 days. any suggestion how I could make this process faster?

kball64 · ‎08-05-2009

Shane, thanks for that information. I will try and go that route if I need to. I was able to get in touch with the Wells Fargo credit card dispute dept. yesterday and the rep was awesome to work with. She said she sent a "rush" request to the CRA's to take the dispute blurb off of my reports. She said it should take about 10 days and she would fax me a copy of the letter. When I spoke with CSC yesterday, the rep told me that all I need to do is send them a fax'd letter from Wells Fargo and they'll remove it. So the only one I'm really concerned about is TU. If push comes to shove, I'm hoping the letter from Wells Fargo will make the mortgage broker and the credit vendor happy.

Dhaval, I didn't have a problem with EX. I called cust service and it was gone within 24 hours. Try calling the creditor and see if they will send a letter for you.

Thanks again!

Message Edited by kball64 on 08-05-2009 02:26 PM

kball64 · ‎08-07-2009

My LO keeps asking about the status of this. Ugh! I asked him this morning if the UW would accept the letter from Wells Fargo in lieu of the credit reports not being cleared yet and he said "no". They have to pull another tri merge and the "consumer disputes account" statement has to be off all 3 reports. I called WF again this morning and it hasn't gone through yet. She said possible today or early next week. So I called TU and they said they will remove it as soon as they receive the electronic notification from Wells Fargo. He also gave me a fax # to fax the letter to and said they'll remove it within 5 days. Does anyone have experience removing items quickly from TU? My LO said my file has to go to UW in a little over a week and this needs to be done before then. I can't believe this would actually hold it all up! I'm entering "freak out" mode..... We close on the 28th so there is still time but it's not helping my nerves at this point.

Anonymous · ‎08-08-2009

Just out of curiosity, why do lenders require that you have the disputes removed? I have a few of those on my report as well as it's been impossible getting them cleared up as I don't live in the USA so things take more time. Why do they need them removed?

Anonymous · ‎08-09-2009

@Anonymous wrote:
Just out of curiosity, why do lenders require that you have the disputes removed?

Trade lines that are actively in dispute receive special treatment in the scoring models. They are excluded to some degree. This can make your score go up kind of artificially. I understand some people were doing mass disputes to raise their credit scores and then running out to apply for a loan. That might be what lenders are afraid of. It will be interesting to see what the experts say..

Anonymous · ‎08-10-2009

Update

I just got my dispute removed from EQ and my score went from 765 to 715. my wife dispute on EQ went from Before Disupute 756 to After dispute was removed 692