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Will Fannie Mae Deny Approval if Credit Report Shows the Consumer is Disputing the Information?

GetAttachment[1]When items are disputed on a credit report, I don’t know if it’s the collection company or the credit bureaus that add a statement “account information disputed by consumer?” Most of the mortgage companies that I work with are telling me that Fannie Mae does not want that statement on any of the accounts. If that statement cannot be removed, then the customer will not be approved even if they have the FICO score. Do you know anything about this?

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  1. Marian says:

    There is never a webinar goes by that I don't learn something new. Patience is what I learned today. It is such an undaunting task to keep your cool when on the phone for hours and never seeming to make headway.

    I also want you to know that last weeks webinar was missing you.

  2. evelioareas says:

    Hello Mike:

    Again superb information. I have made it a priority every week to be present at these webinars, since they are powerful. Please provide me the video you presented at the webinar and also if you could send me a copy of your book, I was the one who asked you the question about the proposed new law about free credit scores annually.

    Thank you kindly,

  3. My friend applied for a bank of america mortgage and the loan officer could not proceed with the loan untill my friend removed the portion that reads "consumer dispute this information". I had to call each bureau and have them remove the information.

    Transunion was the only bureau that gave me an issue on it; but after taking to the special unit department, the gentleman was nice enough to take it off on the spot.

  4. Renee says:

    Hi Mike, you spoke about this on today's call. This was something that I was not aware of so it was very enlightening and good to know when helping my customers. I think the real injustice in this credit system is that the consumer is constantly kept in the dark and penalized for what they don't know. It really is sad to see how the industry is allowed to screw over people.

  5. Jeff D. says:

    I don't like this either. In my eyes it is the lender's/FHA's attempt to curtail consumers repairing their credit….which is our right to challenge anything that is not 100% correct, unverifiable, etc. Hopefully this practice will change in the future. Great information Mike and good webinar info once again.

  6. CSRS says:

    Hi Mike, we enjoyed watching the documentary last week on the copier machines that hold info on hard drives. Very interesting. All this is valuable info for our clients. Also, the training with the phone call to the collection co by the attorney. May we please have the links to them so we can use for future reference. We're learning a lot. Thanks.

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