izabellavaz

"consumer disputes this info" How to remove it from report?

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I am trying to qualify for a home loan and VERY INTERESTING, the mortgage lender is not willing to work with me because of the writing put by my creditors on my report. (?)

Ive disputed a couple of lates with Bank of America and obviously BofA added the writing:

ACCOUNT IN DISPUTE-REPORTED BY SUBSCRIBER (FCBA); ACCOUNT INFORMATION DISPUTED BY CONSUMER

The account is already closed and paid in full!!

Ive searched all over this forum and couldnt find an answer to my question: How do I get this removed??

I was thinking about disputing it again, but obviously, that would only update the writing they have in there.

Thank you all in advance!!!

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The reason the notation is on your report is because you disputed.

The lender was required by federal law to put that notation on your report. They had no choice.

Strictly speaking, the lender could remove the notation by deleting the entire tradeline. But, why on earth would they do that? You could call the bank and ask but I would expect they will just say "sorry, our policy is not to change factual history".

People rush into these things not understanding that sometimes there is a negative consequence. I think this is one of those times.

I think you would have a better chance trying to convince the mortgage lender to change their policy. These are awfully tough times to be asking for exceptions.

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According to other posters getting the CRAs to delete this notation can be very difficult.

In theory, you could contact the DF, tell them you no longer disagree with the info they reported and they are supposed to change the code. There is a code to report that the dispute is resolved.

Again, in theory, you could dispute with the CRAs and tell them that the comment is no longer valid because you agree with what they reported, maybe show proof you contacted the DF to that effect.

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I would talk to a different mortgage broker.

The bottom line is you had a couple of lates and paid the account in full.

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I second the thought to find a different lender. I realize that's probably easier said than done especially in today's volatile financial climate. But the comment your current lender dislikes is one of status and shouldn't impact their underwriting.

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"The account is already closed and paid in full!!"

did you give this info to the lender?

Have you submited this info to the CRA's?

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Thank you all for your responses!!!

Yes I have. "Everyone" involved in this tradeline knows this tradeline has been paid in full.

As far as me looking for a different lender, it will be very difficult. I have locked a below 5% interest rate till the end of this month... all other lenders wanted me to put at least 20% down.

I have 3 accounts I have disputed the lates on and they all say the same. I understand it is policy for them to report it this way but I believe it should be policy for them to report it "dispute resolved" as well.

I guess my only option is to contact the creditor itself.

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Thank you all for your responses!!!

Yes I have. "Everyone" involved in this tradeline knows this tradeline has been paid in full.

As far as me looking for a different lender, it will be very difficult. I have locked a below 5% interest rate till the end of this month... all other lenders wanted me to put at least 20% down.

I have 3 accounts I have disputed the lates on and they all say the same. I understand it is policy for them to report it this way but I believe it should be policy for them to report it "dispute resolved" as well.

I guess my only option is to contact the creditor itself.

Hey there! Mind sharing who you got below 5% with? I'm looking to refi. soon and just wondering what kind of loan you have going on there.

Thanks!

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iza, ask your processor to seek an 'exception' to having this changed or removed from your CR. It's no more material to the loan you seek than it is to the TL itself.

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It's no more material to the loan you seek than it is to the TL itself.

Except perhaps that the lender will attempt to use it as justification for raising the interest rate.

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The actual reason that the lender is not able to accept the credit report with that dispute on it, is because they have been told that an account that is "in dispute" is not scored and is thus "neutral" until it is resolved. With minimum credit score requirements on even the most flexible mortgage programs, ie FHA, USDA, they are concerned that once the dispute is resolved that the score would be lower than is shown and that the "real" score would not meet the minumum score requirement. It is just underwriting policy, however I doubt you will see it in writing. I haven't and I am a broker. It is true that if you shopped your loan that you feasibly could come across a lender that did not even mention it, probably because they are not aware of the accounts neutrality while in dispute.

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Send a dispute to the credit bureau stating that the dispute was resolved and needs to be corrected and removed, at the same time send a letter to BofA and tell them to validate the error on your credit report, and that they never certified you a letter stating they were reporting negative info and that it was incorrect anyway. Thye will probably not answer and then go to JP court and get it removed....

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I didn't know they did this when you dispute something. Do ALL your TL's get marked with this? Does it hurt you credit-wise?

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I am trying to qualify for a home loan and VERY INTERESTING, the mortgage lender is not willing to work with me because of the writing put by my creditors on my report. (?)

Ive disputed a couple of lates with Bank of America and obviously BofA added the writing:

ACCOUNT IN DISPUTE-REPORTED BY SUBSCRIBER (FCBA); ACCOUNT INFORMATION DISPUTED BY CONSUMER

The account is already closed and paid in full!!

Ive searched all over this forum and couldnt find an answer to my question: How do I get this removed??

I was thinking about disputing it again, but obviously, that would only update the writing they have in there.

Thank you all in advance!!!

you need to contact BofA directly with a copy of the tradeline in the offending credit reports and explain very clearly that the conflicting language is preventing you from getting a loan. if the blow you off or delay, then contact the OCC.

I admit that there is a reasonable chance that they will delete the whole tradeline before they fix it but I think that is the best option.

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Hey there! Mind sharing who you got below 5% with? I'm looking to refi. soon and just wondering what kind of loan you have going on there.

Thanks!

My mother is a witness only loan closer for several lenders. As recent as this week she's seen interest rates below 5% on refinanes. Most are Countrywide. Hope this helps.

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Send a dispute to the credit bureau stating that the dispute was resolved and needs to be corrected and removed, at the same time send a letter to BofA and tell them to validate the error on your credit report, and that they never certified you a letter stating they were reporting negative info and that it was incorrect anyway. Thye will probably not answer and then go to JP court and get it removed....

I have three charge off accounts that the original creditor never notified me they were reporting as charge-off. is there something that can be done in JP courts regarding that?. How? I am in Texas. Isn't that some sort of violation (TX debt collection act) also not to report negative information to the subscriber/account holder.

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you need to contact BofA directly with a copy of the tradeline in the offending credit reports and explain very clearly that the conflicting language is preventing you from getting a loan. if the blow you off or delay, then contact the OCC.

I admit that there is a reasonable chance that they will delete the whole tradeline before they fix it but I think that is the best option.

Is that where you complain (to OCC) if original creditor is not reporting negative info to the subscriber/account holder.

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I have three charge off accounts that the original creditor never notified me they were reporting as charge-off. is there something that can be done in JP courts regarding that?. How? I am in Texas. Isn't that some sort of violation (TX debt collection act) also not to report negative information to the subscriber/account holder.

We don't have the "TX debt collection act". We do however have the TFC, Texas Financial code, might be worth a quick look see since you are in TX.

http://tlo2.tlc.state.tx.us/statutes/docs/FI/content/htm/fi.005.00.000392.00.htm

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