Skip to main content

How to Dispute Credit Report Errors While in the Mortgage Process

     
 How to Dispute Credit Report Errors
While in the Mortgage Process


     Veterans of the Mortgage Industry can remember a time when clients suffering errors or inaccuracies within their Credit Report, were typically advised to "dispute"  those errors ...  

http://genemundtchicagolandmortgage.blogspot.com/2014/04/just-like-your-underwear-credit-needs.html     But because of recent changes that have taken place in the Mortgage Industry's Automated Underwriting Systems (commonly referred to as AUS), the advice given to current mortgage clients may be quite different from that of the past.  

     Today's advice ... and the suggestion as to the timing and direction of recourse, will be based on a variety of information related on the Report, including:
  • When the errors, inaccuracies, or reported items showing on the Credit Report took place
  • The Nature of the items involved (Late Payments, Judgments, Liens, etc.)
  • What financing actions the client is presently contemplating


    First let me say, it IS important to correct errors and inaccuracies found on your Credit Report.  But I can't stress this enough ... the timing in which you pursue it is very important too.

    I know that sounds contrary to what would seem "common sense".  But currently, with the implementation of the new Automated Underwriting systems mentioned above, a "disputed" account(s) showing on your Credit Report can mean the difference between your Mortgage Application being approved or denied. 

     Disputed accounts are often viewed as a negative factor ... and can be seen as a reason to deny your loan ... or at minimum, make your disputed accounts a "condition of approval".  That would mean that those accounts in question become "undisputed". Resolution would need to be found prior to Underwriters allowing Approval of your loan or your Closing.  That could cause major problems and hold-ups to your entire transaction.



     So what should you do if your Credit Report comes back showing errors or inaccuracies?  First, talk to your Mortgage Lender.  In the Chicago area, that's me.  Gain timely insight and advice as to how to best address the issue at hand and how to proceed.   

https://1609956119.secure-loancenter.com/FreeConsult.aspx     But typically, I'll suggest that you provide written evidence and proof via documentation to the 3 Credit Bureaus that will support and prove your claims.  The addresses and contact info for the 3 major Credit Bureaus are:  

     Equifax
     P.O. Box 740241 
     Atlanta, GA   30374
     1.800.685.1111
     www.equifax.com   

     TransUnion
     P.O. Box 2000 
     Chester, PA   19022
     1.800.888.4213
     www.transunion.com

     Experian
     P.O. Box 2002 
     Allen, TX    75013
     1.888.397.3742
     www.experian.com   





     Remember:  Do not register an official "dispute" with the Credit Bureaus!  Don't use that terminology within the written note or evidence you provide.  Provide  only the data, documentation, and info needed to correct the errors, re-rate the account, or simply delete the account(s) in question.



     It's important to know that there is typically no easy or quick path to correcting errors on a Credit Report.  And it's unbelievably stressful to face them when trying to buy a home you love.

     Which is why I always suggest running and checking your Credit Report, at minimum, once a year.  That advice is especially important when considering a home purchase or refinance in the near future.  Should issues need addressing, you've then allowed yourself enough time to do so without the stress of Contract constraints looming.

     How to Dispute Credit Report Errors While in the Mortgage Process ... Follow the guidance provided by your Mortgage Lender to achieve the quickest and best results.  You'll then be capable of moving ahead with a home purchase fully confident in reaching a successful outcome ...





http://www.genemundt.com/ContactUs.aspx

     *  Hoping to Buy, Construct, or Refinance a home in the Chicago areaContact Me.  I'll put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281





Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?






 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 
Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL


       

   


Comments

Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…

Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?


These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:


Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…