What if a score if affected by derogatory credit information that the borrower believes is not his or hers?
Consumers who want to address what they believed is erroneous information on a mortgage report should contact the credit reporting agency which developed the report. The Fair Credit Reporting Act (FCRA) allows the credit reporting agency a “reasonable period of time” generally not to exceed 30 days, to reinvestigate consumer disputed items. a significant number of credit grantors use an automated system for investigating disputes and respond to the dispute within a few days. most credit reporting agencies make a special effort to quickly resolve disputed information affecting a mortgage decision.
