Sad but true story about disputing incorrect items on your credit report BEFORE you begin looking for a home. This is just another reason to 1) procure the needed mortgage money and 2) then look for a home. Not the other way around!
Some 'small' issues have a way of growing into Credit Report Godzillas that would take forever to solve.
Post is by Deb Brooks in Texas.
...we simply won't give you the loan. Nope, sorry. YES, you make more than enough money. YES, your credit score is over 800+. YES you have supported all the documentation and you have been approved with one, tiny, itty, bitty, teenie, weenie, DISPUTE THAT IS STILL ON YOUR CREDIT REPORT!!!!
SORRY CHARLIE~
Anyone else find this problem? I absolutely do not blame the lenders for requiring NO DISPUTES since once upon a time people would dispute tons of items on their reports, buy a home since no one looked at them and then defaulted on their home loan as they did everything else!
I've run across a brand spankin' new glitch which has rared its ugly head. Very, very ugly head. I am lucky to work with a Mortgage Broker who is "hands-on", involved and diligent beyond the call of duty.
After requesting that a PAID SIX YEAR OLD DISPUTE BE SHOWN AS NO LONGER A DISPUTE one of the wonderful collection agencies simply SHRUGGED. "SORRY", THEY SAY. WE DO NOT SUBMIT A LETTER OF RECONCILED DISPUTE TO THE CREDIT AGENCIES. WE JUST DON'T.
Bottom line, the clients were told that if they had the CREDIT BUREAU physically contact them that they would verbally say, "it is no longer a dispute."
What are the odds of that? And, if it IS NO LONGER A DISPUTE WHY NOT PUT IT INTO WRITING?
Credit Bureaus are now becoming flooded with calls such as ours. The Bureaus can do nothing but report what any given CREDITOR reports. We basically have no recourse if we cannot get the Agency to report dropping any DISPUTE and there goes your chances of ever purchasing a home. NO MATTER HOW GOOD YOUR CREDIT IS OR YOUR JOB OR YOUR HISTORY OR WHETHER OR NOT YOU HAVE PAID THE AMOUNT DUE OR WHETHER OR NOT YOU EVEN EVER OWED THAT AMOUNT OF MONEY LEGALLY...SORRY CHARLIE.
Have any of you experienced this before? When we began there were two disputes. Because BOTH were paid it seemed easy enough to get them off the report. One dropped off right away. The other? Who knows? My clients moved out of their home expecting a sale...a closing. Sad and I am one of many trying to clean up this mess. Any advice from you is welcomed.
Thank you my blogging friends.
Advice from the experienced...Review these facts with your potential Buyers!
Disclaimer: My writings are based upon life experience and I do not claim to be an expert at any of your professions...just mine.
Brooks Prime PropertiesSpecializing in Lake Properties
Lake Livingston Texas
936-295-0005
Thanks for the info.
It is frustrating. My husband had a judgement against him that was an error by the State of Maryland. Do you think that was ever able to get fixed. It was over $20 and it was their mistake. We essentially had to wait it out. The 800+ credit scores help. Someone nitpicking at that for a loan is ridiculous.
Lyn,
Very very frustating how things come up when we don't get what we really were expecting, thanks for this blog, take care :)