Happy Tuesday! My dear friend and hot-shot Realtor Dougie called me yesterday regarding a deal that is now on hold because the buyer’s mortgage broker’s new report shows credit items “IN DISPUTE”. Needless to say, Dougie called me in a panic because his boss, the buyer’s agent and the client are all expecting to close ASAP. The three major credit reporting agencies are required to list IN DISPUTE status if the consumer disputes the accuracy of a credit item on their report. The problem is that Dougie’s lender, like most, will not fund a loan while the “In Dispute” status is being reported on a trade line. Naturally, In DISPUTE status is an expected reality for clients of credit repair, as we are DISPUTING erroneous credit items (duh!) but we often see this status on clients that are NOT enrolled in credit repair. Thankfully, IN DISPUTE status can be fixed. We take the position that it was the client’s decision to place an item in dispute, and therefore, it is the client’s decision to remove the dispute as well. If your client calls the credit bureaus directly and requests verbally the removal of the IN DISPUTE status, they should have success (just ask them to get comfortable, the hold times at the bureaus can take forever!). They should also send a letter to the bureaus requesting the removal of the IN DISPUTE status.
Posted on: Tue, 15 Oct 2013 16:53:32 +0000
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