Did you know that if you have issues (aka errors or derrogatories) on your credit report that have brought down your credit scores, you can provide documentation to the credit reporting agency and ask for a “Rapid Re-Score.” So, if you are in the process of trying to get a loan and a low credit score is hindering you, you can submit pertinent information (see below) to the credit reporting agency and request a “Rapid Re-Score” (may be know by different terms at different credit reporting companies). The “Rapid Re-Score” process can change your credit scores in a matter of several days instead of weeks to months going through normal dispute processes. There is an additional cost involved in the “Rapid Re-Score” (sometime up to several hundred dollars), but the savings you will receive by having a higher credit score will likely repay the cost of the “Rapid Re-Score” several times over.
How does the Rapid Re-score program work? Your Rapid Re-Score request must be faxed, using the appropriate request form of the credit reporting company like Credit Plus, Inc. and include the appropriate documentation (see below). A credit reporting company representative will review the document(s) and then forward it to the requested credit bureaus. Each bureau will verify the documentation and then notify the credit reporting company that their update has been completed. Upon receiving confirmation of the Rapid Re-Score request completion from the respective bureaus, the credit reporting company will re-pull new credit and advise you to access the updated report and scores.
How long does it take? Though we are unable to guarantee a completion date, the turn-around time will typically be 3 to 5 business days from the time the credit reporting company receives your request. If the bureau rejects the documents you will be promptly notified.
What types of credit information can be updated? The credit reporting company requires a verifiable document from the creditor and can be used to:
1. Remove derogatory information and accounts that were reported in error
2. Update an account that has been paid in full and closed
3. Update the status of a collection
4. Update a balance or paid-in-full status
5. Update an account to show it included in a bankruptcy
What documentation is required? For the bureau to accept Rapid Re-Score requests, all documents:
1. MUST be typed on creditor letterhead
2. MUST come from the creditor reporting the account
3. MUST state specifically how the information should be changed
4. MUST include the date, complete account number and the name and contact phone
number of the creditor
Types of documentation the credit repositories WILL NOT accept are:
1. Universal Data Verification Forms
2. In- store payment receipts {like from the register in Sears or such}
3. Letters without a telephone number or date {for audit purposes}
4. Divorce Decrees
5. Documentation without matching account numbers
6. Documents over 30 days old {other than court documents}
7. Cancelled Checks
8. Bank Statements
9. Payment histories or confirmations
10. Western Union or other wire transfer receipts
11. Money orders
12. Cashier’s check copies
13. Hand written letters from ANY source, buyer OR creditor
14. HUD sheets/settlement sheets
In addition, documents from original grantors for debts listed by agencies are frequently rejected by the credit bureaus.
Example: A bill for Dr. Jones listed by Delmarva Collections. Proof MUST come from Delmarva Collections
Example: A judgment filed by Tiny Tot Pre-school. Proof of satisfaction of judgment must come from the court.
How does the Rapid Re-score program work? Your Rapid Re-Score request must be faxed, using the appropriate request form of the credit reporting company like Credit Plus, Inc. and include the appropriate documentation (see below). A credit reporting company representative will review the document(s) and then forward it to the requested credit bureaus. Each bureau will verify the documentation and then notify the credit reporting company that their update has been completed. Upon receiving confirmation of the Rapid Re-Score request completion from the respective bureaus, the credit reporting company will re-pull new credit and advise you to access the updated report and scores.
How long does it take? Though we are unable to guarantee a completion date, the turn-around time will typically be 3 to 5 business days from the time the credit reporting company receives your request. If the bureau rejects the documents you will be promptly notified.
What types of credit information can be updated? The credit reporting company requires a verifiable document from the creditor and can be used to:
1. Remove derogatory information and accounts that were reported in error
2. Update an account that has been paid in full and closed
3. Update the status of a collection
4. Update a balance or paid-in-full status
5. Update an account to show it included in a bankruptcy
What documentation is required? For the bureau to accept Rapid Re-Score requests, all documents:
1. MUST be typed on creditor letterhead
2. MUST come from the creditor reporting the account
3. MUST state specifically how the information should be changed
4. MUST include the date, complete account number and the name and contact phone
number of the creditor
Types of documentation the credit repositories WILL NOT accept are:
1. Universal Data Verification Forms
2. In- store payment receipts {like from the register in Sears or such}
3. Letters without a telephone number or date {for audit purposes}
4. Divorce Decrees
5. Documentation without matching account numbers
6. Documents over 30 days old {other than court documents}
7. Cancelled Checks
8. Bank Statements
9. Payment histories or confirmations
10. Western Union or other wire transfer receipts
11. Money orders
12. Cashier’s check copies
13. Hand written letters from ANY source, buyer OR creditor
14. HUD sheets/settlement sheets
In addition, documents from original grantors for debts listed by agencies are frequently rejected by the credit bureaus.
Example: A bill for Dr. Jones listed by Delmarva Collections. Proof MUST come from Delmarva Collections
Example: A judgment filed by Tiny Tot Pre-school. Proof of satisfaction of judgment must come from the court.
