Category Archives: Credit Report Errors

Disputing Disputed Accounts

Disputing Disputed Accounts

     Have you reviewed your Credit Report and Credit Scores recently?  If not, I urge you to do so.  For a number of reasons.

But if you have:  I applaud you. Did you find a debt, account, or error there though? After finding it, did you contact a Creditor, a major Credit Bureau, or take action to “dispute” the account?

If you’re planning on borrowing money SOON …  I’d advise against disputing an account or error that’s appearing on your Credit Report …

     Mortgage Underwriting platforms have changed their stance on “disputed accounts”.  Disputes used to be seemingly harmless actions.  Not so anymore.  Underwriting changes have made it possible for disputes to hold up … or even prevent … Mortgage Approvals. 

A recent Borrower of mine can sadly attest to that fact …

In my Borrower’s case:  It took hours and hours of phone calls to explain, detail, document, and sort out a dispute.  A dispute originally lodged by the Creditor.

To make this situation even more frustrating, we came to find that the Creditor’s action had been taken in error.  Nonetheless, it cost my Borrower time, stress, and money to straighten it out.  Requests to rush a revised Credit Report come at a cost.

Many times:  The best option for a Mortgage Applicant may be to leave the account “as is” … in error and undisputed.  At least temporarily, while trying to gain Mortgage Approval or while in the Mortgage Process.

     But what if you’ve already taken steps to “dispute” an account prior to applying for your financing? 

First:  Have an in-depth conversation regarding the situation with me or your own Mortgage Lender.

There is no set answer for this predicament.  That’s important to know and remember. A discussion with your Lender will help you find a solution and take action based on yourpersonal scenario.

Secondly:  I may ask that you write the 3 Major Credit Bureaus (Experian, Trans Union, Equifax) AND the Creditor itself, to request they remove the dispute.

Be prepared to take action and follow-up on it.  As your Lender I may provide guidance throughout, but I cannot make requests on your behalf.  That remains the responsibility of the Account Holder.

Understand:  Removal of a dispute may be the best and fastest way to address this issue.  It will also address the changes in Underwriting that I mentioned earlier.

In the case of my client, the Creditor later stated that “they guess they needed to review their policies” regarding the placement of disputes on accounts.  Hearing that was of little satisfaction to my Borrower.  And it didn’t reimburse them for their expenditure of time and money.

I will point out, that this issue could have been avoided had my client checked their Credit Report earlier or on a continual basis, as the dispute had lingered there for years.

 So Bottomline:  Reviewing your Credit Report on a regular (I suggest annually, at minimum) basis is a smart financial move.  And it will eliminate issues from arising in the future during your Mortgage Pre-Approval and Processing.

If you’re thinking of buying or refinancing a home soon, take action now.  Talk to me soon … and check your Credit Report.  Both will make your home purchase or financing go more quickly, easily, and successfully …


*  Are you hoping to Buy or Refinance a home in the Chicagoland area?  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:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
 
 
  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
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender  Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, & 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. 
 
Your Referrals are Greatly Appreciated!
 
     

Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed

Just Like Your Underwear: 
Credit Needs to be Freshened-Up, Scrubbed, 
Updated, Fluffed & Changed 
https://1609956119.secure-loancenter.com/FreeConsult.aspx

     Everything needs to be “freshened up” once in a while.  It need to be given a trim.  Updated.  Fluffed.  Scrubbed-up.  Changed or re-arranged.

     Credit is no different! 

 
     But stop and think about it.  When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report?  Over a year?  Two?  More?

     Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now …  

  •  Interest Rates on your credit cards may have risen 
  •  Promotional rates may have fallen off 
  •  Rewards that initially drew you to a specific card, may   have lapsed. 
  •  The credit card company may have updated or dropped the benefits you liked from your card 

     It happens all the time … 

     And your mortgage rate?  The one you might have thought you were doomed to forever because of housing values?  It may actually deserve a second-look.  

     Mortgage Interest Rates have remained low … lower for much longer than most experts thought they would.  And as of this writing, have actually fallen some recently.  Enough that Refinances have come back on the radar for a large number of Americans in many housing markets.

     The airwaves, social media, and news are full of stories that tell of new security breaches. Passwords to banking accounts and websites need to be changed one more time.  We hear of it so frequently, that it’s begun to take on the air of “common occurence”.  

     But it’s not …

https://1609956119.secure-loancenter.com/FreeConsult.aspx
     Your credit and Credit Report are always a “work in progress”.  If you haven’t checked your credit and Report out in the past 12 months, it’s time to now.  You can easily accomplish this on your own.  Just head to: 
 

and request your FREE Credit Report.

     If you want to find out what options exist for you to become a step-up home buyer, or to discover if Refinancing your present mortgage is an option … in the Chicago area, contact me.  Together we’ll run the numbers to find the opportunities that currently exist for you.  

     And if we find your credit and credit scores need improvement, we’ll “freshened them up”, give ’em a trim, fluff, scrub, change or re-arrange them so they’re the best they can be as you head into your financing and the future …

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

      
     *  Hoping to Buy, Build, or Refinance a Home in the Chicago area?  Contact Me Today!  I’ll get you the facts, info, and figures you need to make the best home buying and mortgage financing decisions for you and your future.
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?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
 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

When Inaccuracies Show on your Credit Report … What Then?

When Inaccuracies Show on your Credit Report … What Then?


     Credit Scores and Credit Reports are very important …  

     That’s true whether someone is hoping to buy a home (or refinance) or not.  But should you be someone in the hunt for Mortgage financing to purchase or refinance a home, the stakes get higher.  Your Credit Scores and Credit Reports become paramount to the success you’ll discover when financing and the end-costs you face. 

     Most of my Mortgage clients understand this when we speak the first time.  Often one of their first questions is:  At what point during my Mortgage Pre-Qualification Process will you run my Credit?  Unfortunately, there isn’t one definitive answer to their question. 

     As with most things in Mortgage Lending today, the answer is something of a moving target.  Often, the answer lies in the client’s individual financial situation and scenario.  I’ve made an analogy regarding this before, but I offer it again here.  Truly, no two clients and their financial stories or scenarios are alike.  Just like fingerprints and snowflakes, each is distinct and unique.

     That said, when that point in a Pre-Qualification is reached and the Credit Report is run, we then go over the report with a fine-tooth comb.  Together we thoroughly review the results provided to make sure the Report is accurate and reflects their current debt status. 

     When inaccuracies are discovered on a Report, emotions can run high.  Clients know inaccuracies can drag down Credit Scores.  And lower Credit Scores can mean higher costs for lending, certain Mortgage Programs can become unattainable to them, higher Interest Rates can be charged, or they can even being turned-down for their loan.  

      So what do you do when inaccuracies occur?

     Once again the answer depends on the individual.  It can also rest on what error/inaccuracy is being shown.  Or where in the Mortgage Process you are, etc.  I know … I know … what??

https://1609956119.secure-loancenter.com/FreeConsult.aspx     Typically when this happens, clients want to immediately go to battle with the Credit Bureaus.  They want to confront them, contest or dispute the errors, and get the problems solved NOW.  But it’s not always wise to act immediately.  And there are right and wrong ways … right and wrong timing for correcting errors found in Credit Reports. 

     DISPUTED (and disputing) accounts can cause problems for Mortgage Applicants during their underwriting review.  The best way to address the errors found on a Report (especially while in the Mortgage Process) is to send the 3 major Credit Bureaus information and hard evidence and documentation that will allow (or force) them to correctly report or delete the account in question. 

      Be fully-prepared to roll up your sleeves and work hard at correcting problems you think exist.   Help the Bureaus to understand your situation in its entirety.  Provide the written evidence they need to resolve the issue.

     If you have no solid evidence to support a change in the Report,  the action of “disputing” the account becomes somewhat pointless.  So just like Steve Martin said in the movie “Planes, Trains, and Automobiles”, you need to … “have a point” prior to formally disputing an account. 

     Working closely with your Mortgage Lender during this time is extremely important.  An experienced Mortgage Lender will help guide you through the communications and steps needed to address the Credit issues you are facing successfully and as quickly as possible. 

 
http://www.genemundt.com/ContactUs.aspx*  Hoping to Buy or Refinance a Home in one of the Lincoln-Way Communities, Will County, or elsewhere in the Chicagoland area?  Contact 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/Text:   708.921.6331 
eFax:   815.524.2281 
NMLS #216987
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
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