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What Is Rapid Rescore?
Rapid Rescore is the fastest score correction process in the market today. TheCreditBureau.com works directly with Experian, TransUnion, and Equifax to update tradelines and public records on the repository level.The Benefits of Rapid Rescore
Raise your client's credit score in 3 to 5 days. Never let a deal fizzle to the ground again!
- Raise your applicant's credit score immediately
- Qualify them for better loan products
- Lower their interest rates
- Make more money for yourself
- Win more business
These changes are permanent. That means they will show up on the credit report, no matter who runs it (hint, hint... the lender).
The How's and Why's Of Rapid Rescore
Why Should I Use Rapid Rescore?
Around 80% of repository credit files contain incorrect data. This usually negatively impacts the FICO score. Sure, you can send your client to a supposed "credit repair specialist" who will gladly take the opportunity to exploit and overcharge them.
Or you can have the consumer write to the three bureaus and submit a dispute. But this process will take at least 30 days for anything to show up on the credit report.
Don't waste your client's money or time. Participate in the Rapid Rescore Program!
How Do I Use Rapid Rescore?
You must work at a mortgage brokerage signed up with our company to use the Rapid Rescore program. Registration is free. Sign up now!
- Run the credit analyzer to preview score improvement.
- Confirm the tradeline(s) the customer is disputing. Determine each bureau that is reporting that particular tradeline.
Obtain the necessary documentation.
Examples of acceptable documentation include:
Creditor Letters - Letters must include ALL of the following:
- Letterhead of the creditor
- Account number
- Consumer's name
- Creditor contact name and phone number
- An explanation explicitly stating what needs to be done with the account
Properly recorded public records such as:
- Certified satisfaction of judgment from the court
- Certified tax lien release from the IRS
- Certified bankruptcy discharge papers from the court
- Any other legal documents that may support the borrower's claim
- Other written correspondence with contact name
Examples of documents we will not accept:
- Canceled checks
- Receipts for money orders
- Account Statements
- Hand-written letters
- Third party documentation
- Equifax will not accept documents from MBNA or Providian for Rapid Rescore.
- Creditor Letters - Letters must include ALL of the following:
- Complete the Rapid Rescore Form and fax it along with the appropriate documents to (877) 831-1077. All documents must be readable after fax transmissions. Our staff will notify you if the documents are not readable or acceptable.
- Once we have verified that the changes have been made on the credit file, we will contact you when it is OK to run a new report. This takes between 3 to 5 days.
- Party like it's 1999.