Hi all. I'm in the process of applying for a loan, and there was a listing on Experian that said "...in dispute under Fair Credit Billing Act" for one of my derogs. The lender denied my application saying that I had to get this statement removed before they'll reconsider. I called Experian and they said they'd remove it. Does anyone know how long it'll take them to update their system so that my lender can rerun the credit report? Experian said it could take up to 48 hrs., but if any of you know that it doesn't take that long, I'd like to get the process going again. Thanks!
They denied your application because an account was DISPUTED? #1) they may remove it, however when the data furnisher provides the monthly update it'll go right back. Have you ever disputed the trade line? Have you sent the company/CA a validation letter?
With EX, it is probably already changed... However, that doesn't mean that the lender will be able to see the changes. How a lot of company's systems are set up, if they request the same credit report within say 30 days, the system simply pulls the stored copy of the credit file that they had already obtained. If by Monday they say that it hasn't been updated, then chances are that is why. The easiest way to know for sure is to pull your own credit report from a credit monitoring web site like Privacy Guard, if its updated there, then the copy pulled by the lender should be updated as well, as long as they actually do pull a second report.
