**IMPORTANT** Big changes with Credit repository reporting are here!!!

Mortgage and Lending with US Mortgages - David Shamansky NMLS#392126

This is a MUST read and MUST know for all Realtors as well as originators!

Why am I making such a big deal out of this?

Simple, the way things have been handled in the past are about to make a significant change and knowing this AHEAD of time may likely save your client their home and you the closing!

In days gone by if a client didn't like information on their report many were told to just dispute it and see if it would come off. Well in today's heavy compliance and regulation now we have another piece to pay close attention to.

To merely have a client reach out and request removal of a dispute is apparently not enough and will not be accepted by Experian.  Whether the others follow suit or not is not important as all borrowers must have a tri merge report (meaning information from all 3 repositories, Experian, Trans Union and Equifax), so if 1 is posting this it will still show up on the borrowers credit for that particular trade-line!

So when you go under contract make sure you ask if your lender has carefully reviewed credit and to ensure no trade-lines have dispute on them or it likely WILL delay, or cost you, your closing from the new time requirements it will take to have it removed and updated.

Here is the specific letter direct from Experian on this subject that goes into effect today!

Experian Dispute Changes

Posted by


Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 22yrs in mortgage lending and 30+ years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!

David Shamansky
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"

US Mortgages
6855 S Havana St Ste 520
Centennial CO 80112
Equal Housing Lender

*photos used may come from my personal pictures or www.freedigitalphotos.net



This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
ActiveRain Network Referral Base
Market Reports
ActiveRain Challenges
changes to credit reporting effective 011915

Spam prevention
Show All Comments
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing this information. Consumers need to be aware of what is showing on their credit reports.

Jan 19, 2015 02:27 AM #1
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Just dealt with this problem last week.  Thanks for sharing this very important information David Shamansky 

Jan 19, 2015 02:37 AM #2
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

I don'understand why a person is almost marked for life for a mistake they made in the past and it almost seems equivalent to a person committing a violent felony and getting out of jail only to never be able to clear their name.

Jan 19, 2015 03:05 AM #3
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Good thing to know, this could hold up everything when it comes to a closing.

Jan 19, 2015 05:29 AM #4
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi David - As if it weren't already nearly impossible to deal with these, it looks like it just got even harder. Ugh.

Jan 19, 2015 05:32 AM #5
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

It's always something, isn't it?  Thanks for the heads up;  it's always good to have an idea of what is going on out there.

Jan 19, 2015 07:57 AM #6
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

This will make it harder and for those Jrs, IIIs and IVs or those with common names it must be a nightmare.

Jan 20, 2015 10:58 AM #7
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


David Shamansky

Creative, Aggressive & 560 FICO - OK, Colorado Mtg
560FICO and High DTI are among some of what we say Yes to
Spam prevention

Additional Information