We talked to a Veteran today who wants to buy a house, First Time Home Buyer, who was referred to a “Credit Repair Company” a couple of years ago… they, of course, disputed EVERYTHING on his credit report. They also suggested that he obtain a Secured Credit Card (which he did) and maintain a balance roughly equal to half of the credit line (which he did). His scores went up – and he called us about getting pre-qualified to buy a house.
We ran him through Freddie Mac’s Automated Underwriting System (LP) and it was referred – Because everything is in dispute.
This is not the first, second or third time that we’ve seen someone turned down by the Automated Underwriting System – because everything on their credit report (except the one open trade line with the Credit Card Company) is in dispute!