Mortgage Lenders New Policies Restrict Potential Borrowers -- CRE Credit Services

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Consumers all around the country are getting turned down for home loans solely because they are exercising their rights to dispute inaccurate information on their credit report. Whether or not the account is accurate or not is not the factor. Potential home buyers who qualify on credit score, income, and all of the other qualifications are being turned down because of a little code on credit reports saying this account is under dispute. The dispute itself does not impact the consumer’s credit score and should not affect a potential buyer from purchasing a home for exercising their legal rights. With so much emphasis on reversing the housing trend in this economy, how is it that hard-working, qualified applicants are being turned down for exercising their legal rights? CRE Credit Services has the answer. CRE Credit Services has over 50 years collective experience and is run by a former member of Experian's CASS department.

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There are hundreds of millions of Americans with errors and inaccuracies on their credit reports. Consumers are encouraged by credit bureaus and the government to dispute those items if they feel they are incorrect. Their options are to file an automated dispute, send a letter, or call on the phone after purchasing a credit report. The credit bureaus investigate the allegedly incorrect account with the lender that is reporting it and then get back to the consumer with the results. This process was established to be a way to protect consumers from unfair practices by banks and other lenders. It is outlined in The Fair Credit Reporting Act (FCRA).

Another part of this law states that is allows, and sometimes requires that, statements of continued dispute are to be placed on accounts within a consumer’s credit report. This idea behind this was that it was a way to further protect consumers and give them the right to add their own version of what happened with an account to their personal credit reports. Unfortunately, this is starting to cause major headaches for potential home buyers all over the United States. CRE Credit Services has a solution!

Due to the economic downturn, lending and banking organizations have been attempting to search for ways to lower their risk without cutting their profits. One way they are currently experimenting with is to punish consumers who have listed disputes on their credit reports. As of this writing, loans underwritten by Fannie Mae or Freddie Mac are being denied for having as few as one account listed as “under dispute” on a consumer’s credit report. Many times a customer may not even realize that the account is under dispute. There are some investigations that require a company to place a notice of continued disagreement even if the customer agrees that the problem has been resolved. Thousands of disappointed people have gone to purchase their dream home only to find out that an error they disputed on an account that may not be accurate is preventing them from qualifying for a mortgage even though they would otherwise qualify. Also, if the account, accurate or not, were to appear on their credit report without being “in dispute” they would actually qualify for that same loan they are being rejected for.

There is no has been no assistance for consumers that can explain how a consumer would go about removing such a comment. The turnover is so high within the credit reporting agencies that even if a consumer did somehow figure out a way to request its removal from their credit report, the inexperienced person working on it would probably not even know how to properly process it. With a need to stimulate the economy and home sales we see home buyer tax credits, but no way to help consumers who are hindered for following their legal rights? How could it be illegal for companies to make this lending criterion? The simple answer, is that it is probably not legal.

The Fair Credit Reporting Act (FCRA) is one of many laws that are collectively referred to as the Consumer Protection Laws. Another one of these laws is the Equal Credit Opportunity Act (ECOA). The ECOA states that you can’t discriminate against someone solely based on his or her gender, race, etc. Also, it states that you can’t discriminate against a consumer based solely on someone exercising their rights under these consumer protection laws. By virtually any reading or interpretation of this law, what lenders are doing when they deny a loan based on the notices of investigation is a violation of federal law. Although it means that the practice will probably be challenged and overturned in the future, it does not give much hope to consumers right now. There is, however, hope, in the form of a reputable, experienced company headed by a former member of Experian’s elite CASS department in CRE Credit Services.

Although the credit reporting agencies would prefer they did not exist, there is a truly knowledgeable and respected credit services organization that, through years of experience and research, has developed strategies and methods to help consumers. This information would be nearly impossible for a consumer to figure out on their own. In situations like this, contacting a company like CRE Credit Services, at might be the only real chance a consumer has to correct the problem. CRE Credit Services has designed a proprietary process to help remove these disputes. Designed by a former member of Experian’s elite CASS department there is no other like program in existence. There is no other credit services organization that employs that high level of a former member of any of the credit bureaus. They have already helped many clients get into homes by removing these disputes and improving their credit. CRE Credit Services has expert national credit consultants ready to speak with potential borrowers or mortgage professionals and they offer a no cost, no obligation consultation.

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