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bunk8

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Will remarks from a closed dispute cause problem with lender?
I disputed some items on my credit report and now there are remarks stating this. The disputes are closed. Will the remarks hurt me if I try to buy a home even though the dispute is closed?

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In most cases, as long as the disputes are Closed and not Open disputes it will be ok. Keep in mind though, that most mortgage lenders require that all collection accounts are paid before they will issue mortgage loans, so as long as negative accounts are paid off and disputes in Closed status you may have a chance.

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Reply by
Rumplestiltskin7

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Just FYI,  In order for your Mortgage to be ran through DU (Desktop Underwriting), Fannie Mae, Freddie Mac, etc, all dispute verbiage must be completely removed.  It doesn't matter if it says "DISPUTE RESOLVED", or anything about you NOT disputing it.  The automated system will detect the word "dispute" and flag it for caution.

Ways around this?

a.) If they do a manual underwrite, and bypass fannie/freddie

b.) I'm not 100% sure of the specifics, but some systems WILL allow accounts with 1-2 dispute verbiage, but multiple accts will flag.

c.) You can write/fax and or send a letter to the credit bureau signed stating,

"I John Doe  do not dispute my account xyz, acct#111, with Transuion, equifax, or experian, or "creditor here" directly.  please remove any indication of dispute verbiage on my report"

print name

signature

date

___

Also, paid/unpaid collections, it actually only matters depending on the type of mortgage loan you're getting, your credit score, and your debt to ratio income.  If they want a collection paid, they'll let you know, but keep in mind that paying a collection won't neccesarily always help your score.

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