If there is a dispute remark in your credit report, it is generally required to be removed before closing the loan. Below are the required procedures to complete the dispute remark removal.
Equifax: Requires a letter from the consumer. The letter has to reference the name of the creditor, the account number, include the consumer's signature, consumer socials, and relay they (consumer) no longer disputes account, and that they agree with the status and to please delete the dispute remark.
Borrower's can contact Equifax's Office at 800-203-7843, wait for a representative to answer and have the following dialogue: "We are trying to close on a mortgage loan and the underwriters have indicated that this/these remark(s) is proventing us from closing. We NO longer have ANY dospute with this tradeline and are requesting the remarks be removed." In most cases, they will be able to remove it. Keep in mind this is done at no charge.
Transunion: Transunion will be able to remove dispute remarks from accounts with a letter from the consumer. The letter has to reference the name of the creditor, the account number, include the consumer's signature, consumer socials, and relay they (consumer) no longer disputes account and to delete the dispute remark.
Experian: If a trade line has the dispute remark as "IN DISPUTE UNDER FCRA", Experian will need a letter from the creditor on their letterhead, referencing the account number, to relay "any remark/status of consumer or subscriber dispute should be removed."
Thanks for reading this file. These are only for your information and the procedures may change by the credit bureaus from time to time.
