Credit disputes is required for credit repair

Credit Disputes

Credit Disputes During Mortgage Process

If you have bad credit and need to repair your credit, your mission is to get your degoratories and late payments deleted by disputing it to the three major credit reporting agencies; Experian, Equifax, and Transunion.  You need to write credit dispute letters to the credit reporting agencies requesting that they investigate your credit disputes and the credit reporting agencies has 30 days to notify the creditor and the get verification from them proving that the credit dispute is correct or else they need to remove them from your credit report.

Credit Dispute Process

Credit disputes is a process.  In the event if the credit reporting agencies do not remove your derogatory information after you dispute them the first time, you can re-dispute your negative credit items by sending them follow up credit dispute letters hoping the credit reporting agencies will eventually remove them.  Removing negative credit items will clean up your credit report and improve your credit scores.

Mortgage application process

If you had a prior bankruptcy and want to buy a home, there is a mandatory waiting period of 2 years from the date of your bankruptcy discharge.  If you have a foreclosure, short sale, or deed in lieu, there is a mandatory waiting period of 3 years from the official date of the foreclosure.  For folks who have just filed bankruptcy and/or foreclosure, it is strongly recommended that they start repairing their credit and start rebuilding their credit scores so when their waiting period is up, they can qualify for a residential mortgage loan.  Repairing your credit involves credit disputes with the credit reporting agencies.  However, if your waiting period is almost over and you intend on getting a mortgage, you cannot have any pending credit disputes.  Mortgage lenders cannot issue you a clear to close if you have active credit disputes whatsoever.  Many folks do not realize this and ruins their plans.

Credit disputes and mortgage application process

If your waiting period is a month or two away, you need to get ready and not dispute your negative items anymore.  If you still have credit disputes and are ready to apply for a mortgage loan, you need to retract your credit disputes before you start the mortgage application process.  Your mortgage broker can assist you or if you have hired a credit repair company, the credit repair company can help you resolve this matter.  Retracting your credit disputes can possibly drop your credit scores, so keep that in mind also if your credit scores are on a borderline cutoff requirement for a specific mortgage program.

Credit Fix Advisors

Credit Fix Advisors is a credit repair and credit counseling company where consumers with bad credit or needing the services of a credit counselor or debt management services can go to.  Credit Fix Advisors website is

Related> Mortgage Rates And Credit Scores

Related> 2015 Guidelines On Credit Disputes

Related> Credit Disputes

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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