Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
I asked the PNC bank Mortgage Dept to do so but they said "it is what it is". The Credit Bureau said a statement would have to come from PNC - coming from me would not do any good.
"It's a good idea to add a statement when you disagree with the results of a dispute," says Rod Griffin, director of public education for Experian. "A statement of dispute allows you to tell your side of the story." Similarly, if medical issues led to late payments, a statement can point out the reason behind the misstep and reassure lenders that you've since regained financial control.
although many lenders rely on computers to determine your creditworthiness, some still do things the old-fashioned way. "With every lender I worked for, we were encouraged to look beyond the credit score," says McClary.
Even as new models for determining credit scores give consumers the benefit of the doubt when it comes to things like limited credit history or paid collection accounts, "responsible lenders are still wise to look beyond the score when serving their customers since there are still issues that might require additional documentation or explanation."
Some experts even think that the ongoing credit crunch may mark a return to more manual underwriting. "Given the current economic environment, the shift to automated approvals may be reversing itself," says Steven Katz, a spokesman for TransUnion. "Banks are clearly scrutinizing every aspect of candidates' qualifications for a loan, so your paperwork may be more important than ever before."
At the very least, a consumer statement can make you look proactive about your credit situation in a way that appeals to potential lenders. It can even scare off debt collectors. "Filing a statement shows that the consumer is educated about their rights, and that's what debt collectors try to avoid," says Jonathan G. Stein, a consumer law attorney in Elk Grove, Calif. "Debt collectors know that a consumer who is educated is going to fight them and make them prove everything; they can't collect money as easily from people asserting their rights."
Plus, Stein points out, "A consumer statement will also let prospective lenders know that you take your credit score seriously and want to do the right thing. That is never bad for being able to borrow money."
Will it do any good to go as high as I can (a Mortgage Officer with PNC)
to request a statement?
Thank you for your previous answer which I believe will be very helpful to me.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).