Please pay strict attention to your Credit Reports and your DU Findings in regards to disputed accounts.
If a disputed accounts is on the credit report, du will give a finding that states if it is a true disputed account nothing further needs to be done, but if not then we must have the dispute removed get a new credit and rerun our findings.
Therefore we must ask all borrowers if the account is truely in dispute and provide documentation with copies of letters of the dispute. If the account was disputed and is now a zero balance and shows settled we must still document the dispute and verify that the borrower either won the dispute or lost the dispute. If the dispute was in their favor nothing further needs to be done to credit if the dispute is in favor of the credit company then the dispute must be removed repull credit and rerun du.
I know this sounds like a lot of work and it is. We just had a loan come back that cannot be purchased because of this and the account was settled with no balance on the credit report. We are currently working to resolve this loan after the loan closing.
Thanks for your attention in this very important matter.
Dana M. Allen
