A Dispute on Your Credit Report Can Halt Your Mortgage

Disputes on a Credit Report are Not Uncommon

Part of our culture is to challenge the decision makers. For example; referees in sports, judges in courtrooms and creditors on your credit report. Each creditor is represented by a trade line on your credit report. Consumers have figured out if you challenge creditors or dispute them; the trade lines won’t be included on your credit score. Sounds like a great way to improve your credit score, get the best rate and improve your chances of loan approval, right? Wrong.

Unresolved Disputes Can Halt a Home Loan

Quasi-government agencies, Fanny Mae and Freddie Mac issue alerts on approvals that the consumer has disputed account. For consumers to obtain a home loan, the disputes have to be resolved. Your credit trade lines cannot be disputed. So before you start looking for a home, you want to do the following:

1. Review. You want to review the credit to make sure you don’t have any disputed accounts.

2. Settle. If you disagree with the creditors, settle the dispute.

3. Follow-up. You’ll follow-up or check your credit after the dispute has been settled to make sure the dispute has been removed from your credit report.

Contact me for a free consultation on how to finance a home or property purchase without credit issues or surprises.

Phil Ganz (117 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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