Applying for a Mortgage Soon? Don't Dispute that Account

Applying for a Mortgage Soon?

Don't Dispute that Account

 

 

     Sounds counterintuitive, I'm sure ...

 

     But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report.

 

     Why?  Unknowingly, you can be creating real problems for your Mortgage Application and Approval. 

 

     Consider this:  A creditor can refuse to change their disputed rating.  Too many disputed accounts on a Credit Report may result in your loan being denied.

 

     Is that a really a risk you want to run at such an important time?

 

     A formal dispute placed on a car loan, student loan, credit card, collection ... or even worse, a mortgage loan ... can cause havoc for your new Mortgage Application.  So ...

 

     Slow down.  Contact me ... and let's talk.  We'll analyze all your options and see what action is appropriate and in your best interest.  

 

     What is not commonly known:  Credit Bureaus and Automated Underwriting systems now reflect an evolution that has taken place over the last few years regarding credit disputes.  

 

     Both the Bureaus and Underwriting systems have been re-worked to recognize disputes as a negative impact and rating on a Borrower's "approvability" or "credit-worthiness".  

 

     But these changes have taken place without much fanfare and public recognition.  And because of that, hopeful Borrowers have all too often been contributing to the issues faced within their Mortgage Process later.

 

     Prospective Mortgage Applicants (and the public in general) must be educated to this fact.  The temptation to dispute an account must be avoided, if hoping to finance a home via a Mortgage Loan soon.       

 

     If a Creditor offers-up a path to formally dispute your account ... just say no!  At least prior to our talking.

 

     There may be a better course of action available to you.  During our conversation we'll weigh your options and best course as it pertains to your Mortgage and your Approval.  

 

     But providing solid, written proof and evidence regarding your stance on the account in question, WITHOUT placing a formal "dispute" on said account is often the most prudent course of action ... 

 

     Remember:  You must have legitimate data and written proof in order to accomplish your goal successfully.  But when you have that proof, your account can be "re-rated" or the derogatory rating can be deleted from your Credit Report. 

 

     Any "correction" should come from the Creditor (Credit Card company/bank/etc.) and immediately sent to each of the 3 Credit Bureaus (Experian, TransUnion, Equifax).  

 

     This final step trips-up way too many, as it's assumed that the Creditor(s) will share the new updated information with the 3 Credit Bureaus.  They may or may not.  

 

     Bottomline:  It remains YOUR responsibility to inform each of the 3 Bureaus.  Play it safe and follow through with this important task, as it's in your best interest to see that it's successfully done.   

 

     When a correction is reported to the Bureaus, they will in turn update your Credit Report.  While each case is different (and I do not represent that all results will be successful or as hoped for) ... you may head off potential issues with your Mortgage Approval by acting pro-actively.  Consult a Credit Repair Specialist if uncertain of corrective steps.

 

     In the modern Mortgage Process, the experience level of the Mortgage Originator you choose can't be understated.  Successful navigation through the steps of addressing credit disputes and credit analysis is just one example of this fact.

 

     Get your Mortgage questions answered today.  Let's talk!

 

  

     *   Have concerns regarding your credit history or Credit Report?  Hoping to buy a home in Chicagoland, Illinois, or Wisconsin?  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:

 

Gene Mundt

NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  1.815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

     

 

     

 

     

 

     

 

         

 

       

 

     

 

     

 

      

 

     

 

      

  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ 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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

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Comments

Gene

I wonder how many buyers do this unknowingly either before they apply for a loan or when they get that credit report and see something they need to dispute. This is important information for buyers to know about.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) almost 3 years ago

Gene- i'd bet there are a lot of buyers who are totally unaware of this information.  Buyers, as well as agents, need to be aware of this. 

                                                      Featured in Bananatude!

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 3 years ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi This post holds excellent information for all involved in this process should review. Thanks!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) almost 3 years ago

Wise counsel.  I think it is critical borrowers have an experienced loan guru in their corner from day one like Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi !

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) almost 3 years ago

Hi Gene - This is kind of an outrage. Considering the act of disputing itself as a negative adds a penalty to the process that removes any sign of fairness. I understand and agree with your advice, but this is a most disturbing sign of imbalance in the process.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 3 years ago

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi My fondest wish is that we go back to a lending process that doesn't rely on credit scores and credit reports. If the  buyer has paid their rent faithfully then  that should be enough to qualify them for a mortgage.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 2 years ago

Gene, Gene, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi .   Music to my ears.

In the modern Mortgage Process,                 the experience level of the Mortgage Originator you choose can't be understated. 

Posted by DEANNA EARLY - - ( NMLS # 268590 ), Virginia Mortgage Loan Originator (American National Bank and Trust) over 2 years ago

This is so completely wild and goes against the grain of everything we have been led to believe about credit reports and mortgages, yet I understand why it's true. Doesn't make me dislike it any less, though.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 2 years ago

What good advice you've given here as usual Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi -- the general public doesn't know about credit disputes being harmful to your credit rating.  You are certainly the king of mortgage lending information (and I bow to you, my lord) 

Posted by Maureen Bray Portland OR Home Stager ~ Room Solutions Staging, "Staging that Sells Portland Homes" (Room Solutions Staging, Portland OR) over 2 years ago

Oh my goodness, Gene. This is counter-intuitive. I can't believe it. I know there are many folks who are completely unaware of this reality - I was. Thanks for educating us. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) over 2 years ago

Credit bureaus...even one to another appear to have a language all their own...and just when you think you understand it...they change the dialect !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 2 years ago

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