My lender wants to do a rapid rescore on a debt that was reporting unpaid on my report but has been clarified as paid by thier credit people. They are also going to include some pre Chap 7 debts from 2002 that are reporting as CO's instead of IIB I get the general idea of how it works but have a stupid question. Does that only work for the credit reports they pull? They sent me a copy of the one they pulled and it appeared different than the ones I receive. Same debts but a different format. Can I expect that the credit reports I pull will be updated also? Or will I need to remain on the slow path of CRA disputes and letter writing? Which is proving to be very slow and frustrating in my attempts to get my report correct. The accounts that will be rescored are the only baddies I have besides 2 old med ca's. But I want to rebuild my credit so I can have emergency reserves if needed. I really don't like credit but realize it is a necessary evil unless I want to hold off on getting a house till I am 70. Also how long does it take for rapid rescores to work? Should I cease my disputing and letter writing to let this occur? Thanks, Tegleg
Rapid rescore is both a godsend and a curse, depending on your situation. It can most definitely help in the short run, but it rarely affects the information on each of your CR's. Many people believe it updates their reports with EQ, EXP, and TU, but it does not. You will have to do the traditional credit repair after the mortgage is approved, as if nothing had ever been done to your reports. Your lender pulled a tri merge report, with different formatting than the reports you pull. Here is a link to help with the old medical tl's: http://whychat.5u.com/hipltr.html
Rapid rescores count immediately, the rescore is not a true updated score, it is a forecasted number based on information that "will" change (and can be evidenced). The purpose of rapid rescore is for situations exactly like yours, you are trying to get credit for improvements which have not caught up to your credit reports due to reporting time lags. The rapid rescore will only count what has recently changed, it will not change your credit report. The normal reporting process will do that. In your case this should be helpful, your score should increase and help your current pursuit for a mortgage.
Quick article for you Tegleg Here's a quick article for you Tegleg: http://moneycentral.msn.com/content/Banking/Yourcreditrating/P38050.asp Hope this helps
