Follow Patrick Linkedin Facebook
Email Patrick Email
Financial
Jun 23, 2016

How to Overcome A Credit Dispute

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

Similar to the construction on 3rd Street in downtown Wilmington that was finally completed recently, a credit dispute can elicit groans of discomfort, hassles and irritations. When it comes to successfully applying for a loan, a credit dispute can substantially impede your progress.
 
A credit dispute does not have to be a roadblock, however. As it is with many of life’s obstacles and problems, there’s usually an alternate route. My experience is that working with an experienced professional or an industry specialist is the easiest and most effective way to quickly identify a practical, time-tested solution.
 
The mortgage industry is no different. A seasoned professional can help you save countless hours and hassles when it comes to resolving a credit dispute and successfully obtaining a loan to purchase a home.
 
Considering that consumer dispute comments on a credit report can often result in delays, rejections and more expensive mortgage rates, it’s worthwhile to weigh the advice of an expert and take all of the information that is available into account.
 
One of the best ways to ensure that a credit dispute will not prevent you from acquiring a loan is to simply attack the problem several months in advance. Successfully resolving a dispute can take time, and it’s definitely preferable to have it done before embarking on the loan application process.
 
When it comes to disputing a comment on a credit report with a creditor or one of the credit bureaus, it’s always better to have a written record of what transpired. Even if the record is only contained in an email, that is better than a phone call. According to an attorney who specializes in this aspect of law, in regards to the Fair Credit Reporting Act, disputing an erroneous credit report in writing acquires (legal) rights both ways.
 
It’s critical for people embroiled in this type of argument concerning their credit to use a form of mail that offers proof of delivery. This could include a read receipt on an email or certified mail where the recipient is required to sign for the letter.
 
Reviving zombie debt is something that I would definitely encourage people to avoid. For those who don’t know, zombie debt is defined as a form of bad debt so old that a person could have forgotten about it. In many cases, the company to which the funds were owed has given up on collecting it. Zombie debt can haunt a consumer’s credit score if a debt collector buys the debt for a low price from the original creditor in an attempt to recover the money.
 
Making a payment on a zombie debt is something that should be avoided at all costs, especially if the debt is erroneous, because doing so validates the debtor’s claim. Delinquent collections can drop off a credit report after seven years and six months from the date of delinquency, unless a payment is made in that time period. The rule is 10 years for judgments.
 
Understanding that most lenders require a credit dispute to be resolved before they are willing to move forward, it’s always in the borrower’s best interest to consult with a qualified professional from the mortgage industry before staring the loan application process.
 
For a confidential consultation about your credit score and ability to obtain the financing you need to purchase a home, give me a call at the number below.
 
Patrick Stoy (NMLS Numbers 39527 and 39166) has 16 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or (910) 509-7105.

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Georgiarowe

Salling and Tate Dentistry Launches Annual "Gunner’s Runners" Shoe Collection Event, Aiming to Surpass Last Year's Success

Georgia Rowe - Wide Open Tech
Pfinder john zachary

Back to the Basics: Required Minimum Distributions

John B Zachary - Pathfinder Wealth Consulting
Chris coudriet

A Public Service Profile on Strategically Addressing Our Community’s Needs

Chris Coudriet - New Hanover County Government

Trending News

Vantaca’s Balancing Act

Audrey Elsberry - May 17, 2024

Channel, UNC Law School Aid Wilmington Small Businesses

Audrey Elsberry - May 16, 2024

Developers Mark Opening Of $78M Apartment Project At Riverlights

Staff Reports - May 17, 2024

Two Apartment Projects Pitched For Kerr Avenue

Emma Dill - May 17, 2024

As Hurricane Season Heats Up, How Do Builders, Laws Prep Homes For Storms?

Emma Dill - May 17, 2024

In The Current Issue

As Hurricane Season Heats Up, How Do Builders, Laws Prep Homes For Storms?

The damage caused by Hurricane Florence in 2018 throughout the region put a bigger spotlight on the need for the construction industry to fa...


Topsail Island Museum Offers New Exhibit On Black Heritage

Ocean City Beach was established in 1949 and became the first community in the state where Black people could purchase oceanfront property....


Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season