Credit Repair Houston Clients Common Question: “CONSUMER DISPUTES ON MY HOUSTON CREDIT REPORT?”

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 Credit Repair Houston

A Consumer Has The Right To File A Dispute With The Credit Bureaus

 Every consumer in the United States has the right to dispute accounts reporting negative, inaccurate, unverifiable and incomplete information on their credit reports.

The Result of Filing a Dispute

When a consumer files a dispute with credit bureau or directly with creditor, they may see the notation ” CONSUMER DISPUTES THIS ITEM ” on their credit report . 

 Why Does My Loan Officer Say The Credit Score May Drop Once The Consumer Disputes Are Deleted?

 When the dispute is filed on the report the item is not to be counted against the homebuyer’s credit score until the item has finished it’s dispute process, many loan officers have experienced a drop in the credit score once the consumer dispute is deleted from the credit report. 

How Do I Know If Credit Repair in Houston Will Affect My Credit Score

The only time a CONSUMER DISPUTE will affect the credit score is when the notation states “CONSUMER DISPUTE, REINVESTIGATION IN PROGRESS”. 

 Preparing The Credit Score Prior To Removing Consumer Disputes

The best way to prepare for closing a mortgage if a homebuyer has been through credit repair in Houston and has “CONSUMER DISPUTES”, is to prepare the credit score ahead of time.  Make sure the balances on any revolving accounts are paid below 30%, make sure to pay all bills on time.  A 30 day late will drop the credit score several points.

What About Accounts I Do Not Use, Should I Pay Them Off And Close Them?

Make sure to keep revolving accounts with a long history open.  Closing them will drop the  credit score.

I Can’t Close On My Home Because Of Consumer Disputes On My Houston Credit Report! 

If a homebuyer is closing on an FHA loan, the credit report must be clear of “CONSUMER DISPUTES”.

How Do I Get The Consumer Disputes Deleted From My Credit Report?

This is an easy process, but very time consuming.  The objective is to find out who placed the “CONSUMER DISPUTE” on the credit report.  The “CONSUMER DISPUTE” is going to be reported by one of the 3 credit bureaus, or the actual debtor.  The homebuyer must contact each of the 3 credit bureaus and the debtor to have the “CONSUMER DISPUTE” notation deleted.

All 3 Credit Bureaus Are Not Reporting The “CONSUMER DISPUTE” Do I Need Credit Repair In Houston To Assist Me?

No, the homebuyer does not need assistance by credit repair in Houston, this is something they can do this themselves.  Each credit bureau, if they are not reporting a “CONSUMER DISPUTE” on their report will ask if the homebuyer would like for them to open a dispute. 

Avoid Opening A Dispute With The 3 Credit Bureaus For Fast Results

The homebuyer should avoid opening a dispute with the credit bureau if the actual debtor is reporting the “CONSUMER DISPUTE”. 

 Ask The Credit Bureaus To Provide Contact Information for The Debtor

Instead of opening an investigation with the credit bureaus, ask the credit bureaus for contact information for the actual debtor. 

Contacting The Debtor Directly

The Homebuyer should contact the debtor,  they should let them know they are closing on a mortgage and must have the “CONSUMER DISPUTE” deleted from the credit report.  The homebuyer must let the debtor know they need a letter on the debtor’s letterhead faxed and/or mailed to them.

What Do I Do If The Collection Company States I Must Pay The Collection First? 

It get’s tricky when a collection agency is placing the consumer dispute on the credit report. A homebuyer should get the consumer dispute removed before speaking with a collection company about settling the debt.  

Keep In Mind Settling A Collection Does Not Always Result in Deleting “CONSUMER DISPUTES”

 Make sure they prove that they legally have the right to collect the debt according to the law before sending a DIME to them.

What Options Do I Have If A Collection Company Will Not Delete The “CONSUMER DISPUTE”

We do have mortgage brokers that can help  with the removal of consumer disputes if you are in need.

 

 

 

 

 

 

 

 

 

 

 

 

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3 Responses to Credit Repair Houston Clients Common Question: “CONSUMER DISPUTES ON MY HOUSTON CREDIT REPORT?”

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