CSG Develops Solution for Qualified Home Buyers Rejected for Questioning Their Credit

DALLAS, Feb. 22, 2011 /PRNewswire/ -- Since 2009, borrowers, who met all other requirements, have been refused a mortgage loan because they have "consumer disputes" wording on one or more accounts. Removing this wording is sometimes extremely difficult and confusing. And it takes time when time is most precious.

Credit Security Group (CSG) has released a white paper describing a method they developed for removing dispute wording. The white paper is intended for all audiences, but is primarily designed as a tool for mortgage loan professionals.

"Solving the Dispute Wording Problem in Mortgage Applications," and related documents are on their website at: http://www.creditsecuritygroup.com/whitepaper/.

CSG President Eddie Johansson said, "It's time this needless problem stopped hurting home buyers, the mortgage industry and our economy."

Johansson said that merely calling to ask a question about a bill can result in the account being marked as a consumer dispute which can result in the lender's refusal. Creditors and debt collection agencies are quick to flag an account as a consumer dispute to protect themselves under federal law. "There are several ways that the phrase 'consumer disputes' can be put on your account even without your knowledge. Once it's there, it often stays there. It's difficult for you to remove," he said.

Johansson's firm, which works with both lenders and borrowers, began encountering cases of loan rejection for consumer disputes in February of 2009. "It's a complex problem with many players involved. We began to look for a single solution that worked every time," said Johansson. He said he believes this solution can be adopted throughout the mortgage credit industry.

CSG also released an addendum: "Advice for Consumers on Removing Dispute Wording." Johansson said it's a difficult process for consumers on their own. "If you look at the process for consumers, you'll understand why we worked so hard to find this solution for lenders."

About Credit Security Group

Credit Security Group serves consumers and lending organizations nationwide and advises major banks, mortgage lenders and their clients on how the system works and how to use this knowledge to improve scores. CSG conducts seminars and educational presentations to consumers, banking and real estate groups and associations and has offices in Dallas, Houston, Longview and Nacogdoches, Texas.

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Eddie Johansson

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SOURCE Credit Security Group