Can't get prequalified - " credit card in dispute" (loan officer, loan)
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I've been trying to get prequalified for a mortgage. Today I was told by the bank that they can't prequalify me because they can't check my credit. I have a credit card that is labelled "In Dispute". I disputed some unauthorized charges back in April and was given a new card. After investigation they did not end up holding me responsible for the charges. I called the credit card company and they couldn't give me any information on the credit report being in dispute.
Is it likely that the "In Dispute" will be removed soon, or should it have gone away by now? Can I do anything to get it off if not?
You can do it manually, in fact your lender should have suggested this. Get the card company to send you a letter, on their letterhead, with the full account number, saying that the account is not in dispute. Then, your lender orders a Credit Bureau Update. There should be no charge to you for this service, at this time.
This is common, what kind of lazy lender are you talking to?
First collect all your facts - then go out Experian website to start an investigation. One of the last pages allows you to type in information. Request once they verify the findings to notify Transunion and Equifax credit agencies.
When I was a loan officer - used this link 100's of times to get results within 30 days.
You can do it manually, in fact your lender should have suggested this. Get the card company to send you a letter, on their letterhead, with the full account number, saying that the account is not in dispute. Then, your lender orders a Credit Bureau Update. There should be no charge to you for this service, at this time.
This is common, what kind of lazy lender are you talking to?
The lender is the same bank that has the card. I didn't really ask them any questions on how to fix it though. I will look into this if it doesn't go away soon.
Typically you would tell them that you are no longer disputing the account, they would provide you with a letter on letterhead confirming that the account is no longer in dispute, and your lender would perform a Credit Bureau Update which would result in an updated credit report showing the account to not be in dispute.
4 Business days max for this entire process.
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