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newhomebuyer, Home Buyer in 20171

how can i cancel/remove open disputes on credit report.?

Asked by newhomebuyer, 20171 Mon Oct 15, 2012

how can i cancel open disputes from credit report? today my lender was trying to get my pre-qualified and to my susprise there were open disputes on credit report which is stopping to get pre-qualification. i am in midst of completing the…

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Get a copy of that report and start writing a letter of explanation to the three credit bureaus. Attached copy of the payment or any letter that confirm that those disputes are paid or closed accounts. They will take care and clear your report after a few days.

Best of Luck,

Maria Cipollone
Century 21 Tenace

1 vote Thank Flag Link Thu Nov 1, 2012
Dispute the dispute if you need it done at the repository level, shoot me an email if you need a form letter and addresses. Two of them will remove them immediately the third is going to take a few weeks if you do it at that level. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue Oct 16, 2012
If you have letters from the creditors that the accounts are closed (hopefully paid off or at least saying you do not owe them anything), send them to the 3 credit reporting agencies. They will have 30 days to verify the information and remove it from your credit report. At that time they will send you a letter telling you what they have done. If you do this as a rapid rescore, you may find out that these items will appear again on your credit report. The lender runs your credit a week before your closing and would cancel your closing if they appear.
0 votes Thank Flag Link Tue Oct 16, 2012
Rapid Rescore is good and effective, from what I have heard. But make sure whoever is doing it for you is reliable/not a scam.

0 votes Thank Flag Link Tue Oct 16, 2012
Thank you sonal. Yes i do not have an agent to work with. does Rapid Rescore help if i get letters from creditors that disputed is closed
0 votes Thank Flag Link Tue Oct 16, 2012
Dear Newhomebuyer,

The information on the credit reports (All 3 Bureaus) needs to be reviewed by you in detail. You can order the reports free one time per year. The lender is not supposed to give it to you, even though it is your information. They can only discuss it with you in general.

First are the disputes yours? Are they on your reports in error and really someone elses credit issues? There are many errors on credit reports due to inaccurate reporting, typos, etc. If the charges are yours, have you spoken to the reporting company? Are you able to pay the balances off in full?

If you can pay them off, document the payments, request that they update your reports, (you will have to contact all credit reporting agencies that have these charges on their site), & wait for the corrections. It may take several contacts with them.

Hope this helps. Contact me if I can assist you with your home purchase!
0 votes Thank Flag Link Tue Oct 16, 2012
Most new home contracts have a financing contingency. If you can get this resolved in the timeframe they have, then it would be part of the contract already. However, if there is no financing contingency, you will have a hard time negotiating. Sounds like you don't have an agent to handle this for you. If things don't work out, you may just have to get under contract as soon as the credit issue is resolved and you can qualify.

0 votes Thank Flag Link Tue Oct 16, 2012
thank you all , would the new home builder accept the delay with contingent offer?
0 votes Thank Flag Link Tue Oct 16, 2012
Most loan officers can suggest a solution for you - ask your loan officer. If they aren't able to help and don't have a referral for a company that can, it might be worthwhile to find another loan officer. Please contact me if you would like a referral.

0 votes Thank Flag Link Tue Oct 16, 2012
This is a catch 22, if you go to dispute it, FHA states that you have to pay it off by closing if you don't get it removed from your credit, if over $1,000 and under 2 years. But if you can't pay it off you need to have 3 months of good payments to creditor. The reason I state it is a catch 22, is that you think you are doing good by removing the collection for the pre-qualification purpose, but it will intially hurt your credit as now a non active collection will become an active collection. Good Luck and wish you the best.
0 votes Thank Flag Link Tue Oct 16, 2012
Disputed items are supposed to be resolved within 30 days. When you file a dispute the credit reporting agency has 30 days to confirm the item in writing. If they do not receive written confirmation, then the item has to be removed from your credit report. If the disputes are more than 30 days old then the credit reporting agency has to remove them, it is the responsibility of the agency to take care of this.

If I were you I would send them a certified letter stating exactly that and demanding that these items be cleared up immediately and your credit report changed to reflect the result.

Be prepared, though, for the mortgage company to use yet another credit reporting agency. And, if they DO then get the name and address of their credit reporting agency and have THAT report updated as well. It could take a little while, 30 days or so, but it will be worth it in the long run. Your lender should be able to help you as well.
0 votes Thank Flag Link Tue Oct 16, 2012
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