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!