Applying for a Mortgage Soon?
Don't Dispute that Account
Sounds counterintuitive, I'm sure ...
But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report.
Why? Unknowingly, you can be creating real problems for your Mortgage Application and Approval.
Consider this: A creditor can refuse to change their disputed rating. Too many disputed accounts on a Credit Report may result in your loan being denied.
Is that a really a risk you want to run at such an important time?
A formal dispute placed on a car loan, student loan, credit card, collection ... or even worse, a mortgage loan ... can cause havoc for your new Mortgage Application. So ...
Slow down. Contact me ... and let's talk. We'll analyze all your options and see what action is appropriate and in your best interest.
What is not commonly known: Credit Bureaus and Automated Underwriting systems now reflect an evolution that has taken place over the last few years regarding credit disputes.
Both the Bureaus and Underwriting systems have been re-worked to recognize disputes as a negative impact and rating on a Borrower's "approvability" or "credit-worthiness".
But these changes have taken place without much fanfare and public recognition. And because of that, hopeful Borrowers have all too often been contributing to the issues faced within their Mortgage Process later.
Prospective Mortgage Applicants (and the public in general) must be educated to this fact. The temptation to dispute an account must be avoided, if hoping to finance a home via a Mortgage Loan soon.
If a Creditor offers-up a path to formally dispute your account ... just say no! At least prior to our talking.
There may be a better course of action available to you. During our conversation we'll weigh your options and best course as it pertains to your Mortgage and your Approval.
But providing solid, written proof and evidence regarding your stance on the account in question, WITHOUT placing a formal "dispute" on said account is often the most prudent course of action ...
Remember: You must have legitimate data and written proof in order to accomplish your goal successfully. But when you have that proof, your account can be "re-rated" or the derogatory rating can be deleted from your Credit Report.
Any "correction" should come from the Creditor (Credit Card company/bank/etc.) and immediately sent to each of the 3 Credit Bureaus (Experian, TransUnion, Equifax).
This final step trips-up way too many, as it's assumed that the Creditor(s) will share the new updated information with the 3 Credit Bureaus. They may or may not.
Bottomline: It remains YOUR responsibility to inform each of the 3 Bureaus. Play it safe and follow through with this important task, as it's in your best interest to see that it's successfully done.
When a correction is reported to the Bureaus, they will in turn update your Credit Report. While each case is different (and I do not represent that all results will be successful or as hoped for) ... you may head off potential issues with your Mortgage Approval by acting pro-actively. Consult a Credit Repair Specialist if uncertain of corrective steps.
In the modern Mortgage Process, the experience level of the Mortgage Originator you choose can't be understated. Successful navigation through the steps of addressing credit disputes and credit analysis is just one example of this fact.
Get your Mortgage questions answered today. Let's talk!
* Have concerns regarding your credit history or Credit Report? Hoping to buy a home in Chicagoland, Illinois, or Wisconsin? Contact me today. I'll put my 37+ years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Gene Mundt
NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 1.815.524.2281
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