| How much does Rapid
Rescore Cost? |
| Rapid Rescore
Cost:...............................................................................$40
per bureau per tradeline
Example 1: You would like to use Rapid
Rescore on 1 account that is inaccurate. All 3 bureaus are
reporting this inaccuracy. The cost would be $120.00
Example 2: You have an account that is
being reported incorrectly. Both TransUnion and Experian
are reporting the wrong information. Equifax is the only bureau
reporting correctly on the account. The cost would
be $80.00. |
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| How long
will this process take? |
| The Rapid Rescore process takes 3-5 days.
Once we notify you that the Rescore is complete, you may run a
new report and view the changes. |
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| When
Should I Use Rapid Rescore? |
| Rapid Rescore should not be used on every loan. There
are specific times when it will benefit the consumer the most.
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Situations in which it is best to use
Rapid Rescore:
- Whenever incorrect data appears on a credit
report and it is blocking the closing of the loan.
- Bankruptcy accounts being reported as
Charge Off, Outstanding Balance, or Past Due
- Accounts showing as included in bankruptcy, and
shown late after discharge
- Account being reported as late, but can be proved
current
- Collection accounts that show a balance
when they have been paid
- Closed accounts reported as open with a
balance
- Tax liens that are not released
- Duplicate accounts
- Incorrect reporting of a judgment not being
satisfied
- Inquiries can only be removed in cases of
fraud and must be supported with a document
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Situations in which it is not good to use
Rapid Rescore:- If
the consumer is already disputing an account with the Bureaus
and they want to Rapid Rescore it too
- Updating liens or collections that were
recently released or released more than 2 years ago
- Charge-Offs included in bankruptcy more
than 2 years old
- Rapid Rescore cannot remove true negative
items on your report
- Equifax will not accept documents from MBNA
or Providian for Rapid Rescore.
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| Why are
the rules on the documents so strict? |
| The 3 bureaus require these documents to
protect against the submittal of fraudulent or forged documents.
All 3 bureaus verify with the original creditors.
TheCreditBureau.com will notify you if the documents are not
acceptable. Do not waste your time or your client's time
by submitting faulty documents. It will only prolong the
process. |
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| Will The
Score Improve? |
| Yes. The scores will improve.
Credit scores improve 99% of the time. However, Nationwide
Commercial Services Inc. TheCreditBureau.com does not guarantee that scores will improve
or even stay the same. The scoring models are devised by
each bureau and each scoring model is structured differently. If
a score drops, usually this is because the consumer went
delinquent on another account they have. Make sure you
let the borrower know they must monitor and pay as agreed for all accounts
during the time they want a loan. This will prevent any
future headaches. |
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| When I run a new report, do I still get charged? |
| Yessiree, Bob! |
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| Why
can't the consumer dispute on his own? |
| The Fair Credit Reporting Act allows
consumers to dispute accounts on their own for free. The consumer
can find contact information for all 3 bureaus on their credit
report. You can tell the consumer to pursue this if you
would like. However, this process can take up to 6 weeks for
anything to show up on the credit report. Rapid Rescore is
the only program in the nation that will fix credit report
inaccuracies in 3 to 5 days. |
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| Does TheCreditBureau.com
know what the scores will be when the Rapid Rescore is done? |
| No. Each bureau (Equifax, Experian, and
TransUnion) has its own scoring
system that are known only by them. Once we complete the
Rapid Rescore, we will notify you. At that point, you may
run a new report and see the new scores. |
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| Can I use this on my own
report? |
| Unfortunately, consumers cannot use this
service on their own report. They must be in the process
of making a large purchase, such as buying a home.
TheCreditBureau.com only offers the Rapid Rescore program to
mortgage brokers and their loan officers. If you would
like Rapid Rescore for yourself, please see your loan officer.
If your loan officer does not work with TheCreditBureau.com,
tell them to check us out and sign up with us.
TheCreditBureau.com has relationships with mortgage brokers
nationwide from
New York to Chicago to Los Angeles. We can recommend one
of our mortgage brokers if you would like. |
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