Removing Dispute Remarks from Credit Reports
It is possible to have "dispute remarks" added to your credit report if you are working on your credit by yourself or hiring a company to help improve your credit.
The Fair Credit Report Act (FCRA) promotes the accuracy and privacy of information in the files of the nation's credit reporting companies. Under the FCRA, both the credit reporting company and the information provider (that is, the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. The way to have this information corrected and/or verified is by opening a "dispute" and verifying the accuracy of an account. Whenever the account is investigated, dispute remarks can be added to it.
As of recent, some lenders have began to dislike the dispute remarks. The dispute remarks are a small "price to pay" when you or a company works to improve your credit scores enabling you to be approved for a better interest rate or approved for a home loan in general.
There are 2 types of Dispute Comments added to a credit report.
1- Account currently being investigated:
When an account is currently being investigated, per FCRA rules and regulations, the bureaus are required to add the remarks "currently under dispute" or "in dispute". These remarks remain on your credit report throughout the investigation process, which may take up to 45 days. When an account is "currently under dispute" a client may not qualify for a home loan until the account has been fully investigated. Furthermore, these remarks cannot be removed until then.
2- Account disputed by consumer:
The key here is the past tense - disputed. This means that at a certain time, may it be in the distant past or recently, you have disputed the accuracy of this account. According to the FCRA, the option to have an account verified is your right, even though some lenders dislike the dispute remarks.
How can these remarks be removed?
A - Rapid Rescore
A loan officer can get a signed letter from the person applying for a home loan stating that they no longer dispute the specific account. This letter is sufficient to do a rapid rescore while processing the loan for underwriting and have the dispute remarks removed. Some loan officers are unaware of this option available to them.
B - By You Contacting the Bureaus
Phone number: (714) 830-7000, option 0 is answered by a live human being. Tell them you need the Executive Customer Service Team to remove the dispute remark(s). Hour are 8AM-5PM, Pacific Time. It can take up to 72 hours to remove the remark(s).
Phone Number: (404) 885-8300 is answered by a live human being. Tell them you need to speak with someone in the Executive Consumer Service Department to remove the dispute remark(s). It can take up to 72 hours to remove the remark(s).
Phone number: (312) 985-2000 it has a machine greeting but just stay on the line and you are transferred to a live person, tell them you need to speak with someone in the Special Handling Department (or that you need help removing dispute comments). You will have to wait as they need to connect to customer service then get it elevated to the Special Handling Department.
If you cannot get the Special Handling Department, then when contacting the normal customer service representatives you need to say: "I need to dispute the compliance condition remarks code of "AID" (Account in Dispute) because I am no longer disputing the account." You do not need to open a dispute, you need this handled while you are on the phone call. The customer service representative should be able to immediately end the dispute, during the phone call.
For any additional questions please contact us at 866-969-7372.
#credit #creditrepair #savemoney #credittips #creditscore #lowinterest #firsttimebuyer #creditchallenged #badcredit #realestate #realtor #loanofficer #mortgage #dispute #lending #qualified #homeownership #origination ?#?loans ?#?mortgage ?#?firsttimebuyer? #?realestate ?#?realtor #?approved ?#?highcreditscore ?#?originators ?#?origination ?#?fha ?#?creditcards
Heavy Equipment Technician at EquipmentShare
2 年I tried paying off some of my credit debts in order to see if my credit score was going to improve in any way yet nothing , it was frustrating at first but I never gave up still , the reason was that I needed to apply for a loan that will aid me buy some heavy tools that I needed at my company , I couldn’t wait any much longer to see if I can try to figure how to fix it on my own so I had to reach out to a credit specialist ,VIRTUALHACKNET@ GMAIL dOT COM is my savior in time of need , they took my credit back up and with that I was able to get the loan and get things in order .. I can’t say much about how good he is till you get work with him and see for yourself .
Real Estate Consultant at Real
2 年?I was able to get my credit cracked and boosted up to 760 with he help of VIRTUALHACKNET AT GMAIL .COM , He’S Indeed a great person to work with, he’s?devoted and humble at same time .. I was going through an article when I learnt about him .. then took it to myself to make a research about him before giving out my credentials and Luckily for me it turned out well, my credit was fixed within 2 weeks after reaching out.
Mental Health Counselor
3 年Joshua, great information! Thank you!