Applying for a Kentucky Mortgage Soon?
Don't Dispute that Account
Sounds counterintuitive, I'm sure ...
But until you've talked tome(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:Acreditorcanrefuse to change their disputed rating. Too many disputed accounts on a Credit Reportmayresult in your loan being denied.
Is that a really a risk you want to run at such an important time?
A formal disputeplaced on a car loan, student loan, credit card, collection ...or even worse, a mortgage loan ... can cause havoc for yournewMortgage 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 systemshave been re-workedto recognize disputes as a negative impact and rating on a Borrower's "approvability" or "credit-worthiness".
But these changeshave taken placewithout 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 Creditoroffers-up a path to formally dispute your account ... just say no! At least prior to our talking.
There may be a better courseof action available to you.During our conversation we'll weigh your options and best course as it pertains toyourMortgage andyourApproval.
But providing solid, written proof and evidenceregarding 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 the3 Credit Bureaus(Experian,TransUnion,Equifax).
This final steptrips-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 remainsYOURresponsibility to inform each of the 3 Bureaus.
Play it safe and follow throughwith this important task,as it's in your best interest to see that it's successfully done.
When a correction is reportedto 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) ... youmayhead off potential issues with your Mortgage Approval by acting pro-actively. Consult with a Credit Repair Specialist if uncertain of corrective steps to be taken.
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.
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Labels:bad credit,collections,credit,Credit Score,credit score and bankruptcy,Disputed Accounts,Fico Score,mortgage fico score
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
