Mia Schultz

Hi, I'm a mortgage expert living in Illinois. I am also licensed to help with your home loan in many other States across the Country. Do you have mortgage questions? How can I help? View Profile

The Right Way to Deal with Disputes on Your Credit Report

Hi, this is Mia Schultz. I am a mortgage therapist and I'm here to help you and talk to you today about disputes on your credit report. If you've been doing a little research online, you have probably come across some information stating that if you have disputes on your credit report, they have to be removed.

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Now, this is true in many cases, but not in all cases. It does depend on the type of product that we're putting you in. So it is important to give me a call and let's see what we're going to do with you first and what programs we're going to put you in before we decide what we're going to do about those disputes.

Let's say we do have to get those disputes removed. There is a process in order to get them removed, and I'll tell you the reasons why they have to come off. When you're in repair mode on your credit report, the most common step to actually get some points back is to start disputing the negative items that are reporting on your credit report.

When you dispute an a trade line, let's say there is a collection on your report or a late payment on your report and you go to the bureau, you register a dispute against this negative item. What that does to your score is it actually nullifies or removes the impact of that negative item, so that your score will artificially be inflated or go higher.

The underwriters are aware of this and what they want to know is if this is truly a collection or a late payment that is your responsibility, then we need to remove that dispute and let that negative item flow through your credit score and see what your actual score is. So ugly as it may be, and hurtful, we do have to get them removed in some cases.

Again, in order to do that, it is a process and we can help you with that and get it done quickly to see what the effect is before you actually make those changes. We always like to take a look at your credit report first and run you through our simulators so that we can see what the impacts are going to be and if it's going to affect our pre-approval going forward.

So give me a call if you have disputes on your credit report that you're concerned about moving forward into a pre-approval. And let us take a look and advise you on what steps to take and which ones to remove.

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Mia Schultz NMLS # 217815 Mortgage Consultant 509 W. Old Northwest Hwy Suite 100A Barrington, IL 60010 (630) 593-0920 mia.schultz@findmywayhome.com

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About Mia Schultz

Hi, I'm a mortgage expert living in Illinois. I am also licensed to help with your home loan in many other States across the Country. Do you have mortgage questions? How can I help?