I have some questions for everyone

iVillage Member
Registered: 03-28-2003
I have some questions for everyone
1
Tue, 05-20-2003 - 10:46am
Hey Guys,

I have a couple of questions for everyone. My husband and I are in the process of cleaning up our credit report and getting prequalified for a mortgage. We are working with a home buying counselor for the home builder we will be using and she got us on the right path, but I have a couple of questions that I would like all of your opinions on.

The first one is that I think I heard somewhere that when you are disputing items on your credit report, you shouldn’t list more than 6 issues on one request. The form that the counselor gave us has a space for six items. On my report, I have 2 of these forms for each credit bureau. My question is, can I send both forms in the same envelope, or would it be better to send them separately? And if I send them separately, should I send one, wait for a response, and then send the other (which would take twice the time) or can I send them both, just in separate envelopes?

The next issue I had was, per the counselor, we are going to have to write a letter as to why we messed up our credit, and why we wont do it again. Now unfortunately (well fortunately really but not for this purpose) nothing happened to make us screw up our credit (loss of job, illness, etc.). It was just youth and not thinking of the future. Should I be honest in my letter and tell them that we have learned from our mistakes? I don’t want to say it was loss of job or anything like that because I cant prove it, but I was wondering if they would think less of the truth.

Anyways, any input would be appreciated.

Thanks,

Cheryl

PS: I also posted this on the Debt Q&A and the Real Estate boards

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Tue, 05-20-2003 - 11:34am
I'm glad you posted on the other 2 boards too, I was going to direct you there.

I don't know about the disputed items as I've never had 12 items that need disputed at one time.

As for writing, yes, just be honest. I don't think they really care why, they just want you to tell them why. We had several things on our credit report that needed to be cleared up, had to pay a few things off that DH didn't follow through with, some late payments, etc... Some of it was due to error on the companies part and he didn't bother to follow-through, some of it was an agreement was his dad was to pay the bill (he was going to school at the time and his dad was late paying it, etc...). He just wrote the explanations out truthfully (we had no job loss, illiness, etc...) and why it wouldn't happen again, etc... They didn't say anything about the letter, just put it in the files and we still got the loan.

Becky