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@jimmycreates wrote:I'm advising of my personal experience with BOA. And, I didn't request your so-called invalid dispute with BOA - I merely called them and stated BOS reported my balance at an unusual time, and this adversely affected my credit score. I explained I was shopping for a mortgage and asked whether they would update my balance. BOA chose to initiate the dispute based upon this request.
And, at the time, the balance was reporting inaccurately, and was showing an account that is normally paid in full, as almost maxed out. I find nothing wrong with this scenario, and hope my experience helps someone else. I think that is a fair use of this community board.
Lenders will initiate the dispute process when a consumer notifies them that there is an error reporting on the CB.
In his case, OP stated his balance was correct although reported earlier than expected. This is not a valid dispute
But, if the poster paid his balance in full, and THEN contacted BOA, this would be the same EXACT experience. I clearly stated, that I paid my balance in full, and then requested that BOA update my credit report. BOA selected the dispute method, as the appropriate manner of resolution. Why is that invalid?
I understand the need to not abuse the dispute process, however, we should also know when it can assist in correct creditor errors. No?
Thank you, I think you really clarified all of this for us.
Since I had not yet applied for my pre-approval, it was important for me to get my credit score back up prior to a lendor running my credit report. If you can avoid using a dispute prior to your application, that is a wise decision. Ultimately, for me, it proved helpful.
And, once the creditor initiatied dispute gave me the results I was looking for, I contacted BOA again, and requested that they close the dispute. BOA was happy to do this, and gave my request a priority processing. The dispute was closed within two business days, and my balance was updated.
BTW - I did get my pre-approval, and am shopping for homes now.
@jimmycreates wrote:Thank you, I think you really clarified all of this for us.
Since I had not yet applied for my pre-approval, it was important for me to get my credit score back up prior to a lendor running my credit report. If you can avoid using a dispute prior to your application, that is a wise decision. Ultimately, for me, it proved helpful.
And, once the creditor initiatied dispute gave me the results I was looking for, I contacted BOA again, and requested that they close the dispute. BOA was happy to do this, and gave my request a priority processing. The dispute was closed within two business days, and my balance was updated.
BTW - I did get my pre-approval, and am shopping for homes now.
Awesome! Best of luck to you!