Contesting Credit Blemishes

Real Estate Agent with REMAX Destiny

Useful article from Inman News

Contesting Credit Blemishes

Credit is king. Don't even think about that terrific interest rate -- let alone that dreamy Craftsman home or upscale downtown condo -- if your FICO(Fair Isaac Corp.)  is out of whack.

It seems that even veteran loan officers are being forced to ask you for the last minute details before submitting your loan package to underwriting. "I only need two more pieces of information" can easily be a daily request with even the most complete files still drawing intense lender scrutiny.

What happens if your score is influenced by false claims?
 The good news is that many states, have specific timelines in which creditors and reporting agencies must act on credit challenges. For example, a credit agency has 30 business days to reinvestigate any contested blemish on your credit report and then contact you with the findings. If the credit bureau cannot verify the delinquency in question, the delinquency must be removed. The consumer must instigate the process.

Credit reports are powerful vehicles. Jobs, homes, reputations and future credit often depend on them. If an incorrect item appears on a credit report, it's up to the consumer to see that it is corrected. Merely telephoning and explaining your case to the agency is not enough. You should submit the explanation or proof in writing. People often don't understand that a credit agency cannot remove something from a credit report without the authorization of the company filing the delinquency. Delinquencies include tax liens, judgments and repossessions.

Keep your credit as clean as possible. It will save you more than money.
The three credit-reporting agencies (Experian, 888-397-3742,; Equifax, 800-685-1111,; and TransUnion, 312-408-1077, The scores typically range from a high of 850 to a low of 300 and are generated by a complex formula.



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David Hariri
RE/MAX Unlimited
420 Harvard St.
Brookline, MA. 02446
Office 617-566-0300
Fax: 617-566-4499
Cell: 617-230-0101

Proud supporter of CMN and the Susan G Komen Foundation

" the way, I'm never too busy for your referrals..."


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