Nationwide Mortgage & Realty, LLC
Tel: 844-953-0100 Email: info@nationwidemtg.net
Friday, March 24, 2023

Nationwide Mortgage & Realty, LLC

Fast Quote
  • Home
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Mortgage
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo Loans
    • New Construction
    • Non-QM Loans
    • USDA Loans
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL (Streamline)
  • Loan Process
    • Application Checklist
    • Credit Repair
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
  • Request Information
    • Apply Now
No Result
View All Result
Contact Info | Request Info
Home Purchase

Credit Disputes | Tips on How to Remove Dispute From Credit Report

byNicholas Auriemma, NMLS# 1455001
4 years ago
inPurchase, Refinance
Tips on How to Remove Dispute From Credit Report Credit Disputes

Tips on How to Remove Dispute from Credit Report | Credit Disputes

Looking for tips on how to remove dispute from credit report?  During the mortgage process, underwriters may put a loan in suspense when there are credit disputes on a credit report. Loan Originators should not issue a pre-approval or submit a loan before reviewing and taking proper procedures when there are disputes on a borrower’s credit report.

Why Can This Be an Issue?

In some cases, credit reports with disputes are considered inconsistent reports.  Having credit disputes and removing them on a credit report can affect the credit scores and change the findings when running the Automated Underwriting System (AUS).

It is important to tell your Loan Originator about disputes on a credit report prior to running credit. This will prevent an extra inquiry on your credit report, which could change your score. Often, disputing credit before applying for a mortgage is necessary if the credit report is inaccurate and reporting on Experian, Equifax, or TransUnion.

FHA and Disputing Credit for Derogatory Credit Accounts

Charge off accounts, disputed collection accounts, and disputed accounts with late payments in the past 24 months are considered disputed derogatory credit accounts.

  • If a borrower has more than $1,000 or more collectively in disputed derogatory credit, the loan will be downgraded to a manual underwrite.

Some exclusions include:

  • Disputed medical accounts; and
  • Accounts that have been disputed resulting in identity theft, credit card theft or unauthorized use.
    • Would need a copy of a police report; or
    • Other documentation from a creditor to support the status of the account.

Can Affect the Underwriter’s Analysis of Credit

Mortgage companies will analyze the effect of disputed account and the borrower’s ability to repay the mortgage. Often, borrowers will find that an underwriter will suspend the loan and ask for a new credit report.  It is important to understand the circumstances of credit disputes and mortgages before starting the mortgage process.

What Is A Rapid Re-score?

A rapid re-score correction is for clients who need to take consumer disputes off of credit reports quickly.  This usually takes up to 30 minutes to 2 hours and will take about 2 to 5 business days to reflect on a credit report.

In order for this to happen quickly, a borrower must ask for the removal to be expedited.

  • Requests can take up to 30 days if the request is not expedited.

1st Step on How to How to Remove Dispute from Credit Report

  • A client will need a credit report directly from Experian and Equifax – currently TransUnion does not need this.
  • To get a credit report directly from the bureaus, a borrower should follow the links:
    • www.experian.com
    • www.equifax.com
  • Need the account numbers and name of accounts that have the dispute status.

If you already have a credit report, re-pulling credit is not advised.

2nd Step: Call the Bureaus

When a borrower gets a representative on the phone, they will need to give the account number that is being disputed. Ask if the dispute has been placed by the bureaus or company and ask to remove the disputes.

  • TransUnion Dispute Department: (800) 916-8800
  • Experian Dispute Department: (855) 414-6048
  • Equifax Dispute Department: (800) 203-7843

Step 3: Follow Up On Credit Disputes

Cases can vary on how long it takes to remove disputes, but after 5 to 7 business days, a borrower can call to ensure that the credit disputes have been removed.

What if My Loan Originator Already Pulled Credit?

For example, Nationwide Mortgage & Realty, LLC uses a national credit reporting agency, Advantage Credit, and they have a 3 step process.  This is costly and only recommend if urgent.

  • Step 1: the borrower will need to contact the creditor and ask that they remove any disputes on the account.
  • Step 2: execute a letter that can be provided by your Loan Originator and the information should look as follows:

Letter to Credit Bureau to Remove Dispute

CONSUMER NAME                                                                                 DATE

STREET ADDRESS

CITY, STATE ZIP

To whom it may concern,

I (CONSUMERSNAME) currently do not dispute the following accounts either as reported on my credit report or directly with the creditors. I have contacted the creditors directly and closed any disputes or confirmed that there are no open disputes at this time. I am requesting that Equifax, Trans Union and Experian remove the dispute comments from the following accounts;

*

*

Thank you,

PRINTNAME

SIGNATURE

  • Step 3: send the letter to credit bureau to remove dispute to your Loan Originator so that they can send it in to the national credit reporting agency.

Results will vary based on mortgage company, national credit reporting agency, and borrower’s situation.

Share1TweetShare
Previous Post

Mortgages for Foreign Nationals | US Mortgages for Non Residents

Next Post

Our Mortgage Interest Rates | Nationwide Mortgage & Realty, LLC

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

Related Posts

No Income Investment DSCR Cash Out Refinance

No Income Investment DSCR Cash Out Refinance

May 26, 2022
15 to 30 Year VA Cash Out Loan Up To 100% LTV

15 to 30 Year VA Cash Out Loan Up To 100% LTV

May 24, 2022

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

No Income Investment DSCR Cash Out Refinance

15 to 30 Year VA Cash Out Loan Up To 100% LTV

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

3 Month Bank Statement Mortgage for Self-Employed Borrowers

Is there Still a No Doc Mortgage in 2022?

Low Down Payment Jumbo Loans with No Mortgage Insurance

Request Information | Apply Now

Corporate Address:
1 TransAm Plaza Drive Suite 300
Oakbrook Terrace, IL 60181
Phone: (844) 953-0100
Fax: (630) 953-0101
Email: Info@nationwidemtg.net

Copyright 2021 © Nationwide Mortgage & Realty, LLC
Company NMLS Unique Identifier #276777.
For licensing information, go to:
www.nmlsconsumeraccess.org.
Privacy Policy | Terms of Use

Equal Housing Lender

Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
No Result
View All Result

Request Information | Apply Now
Phone
: (844) 953-0100
Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
Privacy Policy

Call Now Button