Confused about FHA’s Dispute Rule

Credit and mortgage advice Forums Home Mortgage Confused about FHA’s Dispute Rule

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    • #250548

      I’ve read about FHA’s new rules concerning disputes:
      If the credit report reveals that the borrower is disputing any credit accounts, Manual Downgrade of a TOTAL Scorecard Approve/Accept recommendation is not required if:
      1. The disputed account has a zero balance
      2. The disputed account is marked as “paid in full”, or “resolved”
      3. The disputed account is both
      a. less than $500, and
      b. more than 24 months old, based on the date of dispute

      I have a collection on my reports that has a zero balance and is marked as PIF..* It was more than $500.* Do I have to meet all 3 requirements or just one of them in order for me not to have to get the comment removed?

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