Persons with Credit Disputes Can’t Get Mortgages

Fannie Mae and Fannie Mac currently flag any mortgage loan application where the applicant disputes something on a credit report. As reported in the AARP Bulletin, that’s causing denials for applicants, no matter the strength of their qualifications. Loan officers report that many flagged applications get put on hold or simply denied. “Some of these underwriters … won’t process a loan” with the notation “consumer disputes this item,” says Eddie Johansson, president of Credit Security Group,a credit services company in Texas. The law is clear that a consumer has the right to dispute any inaccuracy on his or her credit...

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