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"Account in Dispute" messgae in credit report preventing loan processing?
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Posted 3/3/2009 5:36 PM (#1940)
Subject: "Account in Dispute" messgae in credit report preventing loan processing?
I am buying my first condo. I was preapproved for the loan in early January by a large, nationally-known bank. A few days before my mortgage commitment was due, the bank called and said that they are unable to process my loan because my credit report states that "consumer disputes this account" for several of the accounts. The bank acknowleges that all of the accounts have a zero balance, are in good standing, and show no other derogatory information. However, according to the bank, Fannie Mae’s Desktop Underwriter cannot process the loan with the "in dispute" language in the credit report. I have spent hours on the phone with the creditors and the credit bureaus trying to resolve this issue. The creditors claim they are not responsible; the credit bureaus tell me I can intiate a dispute, which will only result in the "consumer disputes this account" info being entered on the credit report! Over the years, I have monitored my credit and disputed inaccuracies in the report. For example, I disputed an inaccurate late payment several months ago. The late payment error was corrected, however, the report still says "consumer disputes this account." The bank actually told me that I should not have disputed the inaccurate late payment information, that this is all my fault, and that because I "disputed" the inaccuracies, I will not be able to get a loan because Fannie/Freddie will not accept a report with an account reported as "consumer disputes." SERIOUSLY??? I am at a loss and need to know how to move forward and confirm whether the bank is giving me accurate information....this can't be right?!? Thanks.
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