Ever use a rapid re-scorer? I'm in the process of cleaning up a bunch of errors on my credit report while trying to obtain a mortgage. The brooker I'm working with is going to use a rapid re-scorer for me. Basically I've had to get all my various letters from the CA's and OC's showing the debts are either not mine or have been satisfied. Then he is forwarding this information to a rescorer who they claim will be able to update my scores with the bureaus in 48-72 hours. Just curious if anyone has seen this really work?
Re: Ever use a rapid re-scorer? Hi, I have always secretly wondered about this also. Anyway, good luck.................
Re: Ever use a rapid re-scorer? yah its called dispute the items and watch your score go up you can do it yourself. for free no less.
Re: Ever use a rapid re-scorer? Trust me. I have been disputing but that takes time. We're looking at trying to get the mortgage this week.
Re: Ever use a rapid re-scorer? Is this what's really going on? I've alwyas wondered about this as well. So basically they are sending your stuff in dispute to inflate your score? Humm...I always though that they had the capabilities to change info on your report (not dispute it) for the simple fact that you have no time since you're trying to get a mortgage.
Re: Ever use a rapid re-scorer? touchdown rescoring does work. I have used it with clients and have seen scores go up by 30-40 points or more. Rescoring is expensive, about $75 if I remember correctly. good luck with the mortgage fla-tan
Re: Ever use a rapid re-scorer? fla-tan.... How does it work? I thought only the original creditor could remove items from a credit file.
Re: Ever use a rapid re-scorer? I met a guy that has businesses that will report positive trade lines on reports, for a fee of course. Is this legal?
Re: Ever use a rapid re-scorer? bigmon.... I think you are opening a can of worms with that post. I don't see anything illegal about it if it's done right. For example, you decide to sell me a "how-to" guide for $240, payable in twelve $20 installments. You are now a creditor of mine and can report this debt to the CRAs if you wish - legally. If I pay you the $240 upfront for my first installment, the debt is paid in full. So, you go ahead and report to the CRAs that I had a $240 LOC with you that was paid in full. This is totally legal. However, I think it become more murky if you report that the account is 36months old when it in fact is only a month old.
Re: Ever use a rapid re-scorer? Makes sense. I'm in CA and there are a lot of people advertising things they can do. Just checking all the options.
Re: Ever use a rapid re-scorer? Thanks for the reply. I believe he is sending through everything this afternoon, so we'll find out by the end of the week if it does work. The brooker indicated they would be eating the costs, we'll I'm sure it will be made up somewhere but at this point $75.00 is ok with me.
Re: Ever use a rapid re-scorer? Which leaves the basic question unanswered; What the heck do they mean by re-scoring? And secondarily, if it's legit, where do we get one?
Re: Ever use a rapid re-scorer? It's indeed legit; it just might not be for everybody. Here's an article from Realty Times. In a nutshell, some mortgage brokers can submit disputes on your behalf, using their channels and resources. Since we're all liars and deadbeats in the eyes of the CRAs, this can be much more expeditious than disputing on our own. wajaba
Re: Ever use a rapid re-scorer? Thank you very much for that link. Very interesting information. I'm suprised more people here hadn't heard about it. I'll let you know how it turns out.
Re: Ever use a rapid re-scorer? I just closed my loan on my home in April 2002. I think that my broker must have used a rapid re-scorer. I had accounts on my report that were already paid off and I had some that I had to pay off as a condition to get my mortgage. I supplied them with all receipts and they did update the info on my Residental Mortgage Report. The big kicker? My Residential Mortgage Report, revised on April 9, 2002, shows all the accounts as paid and all errors removed. However, on May 1, 2002 I called the utility company to establish service in my name at my new residence and they informed me that I had to give them a deposit to establish service. The same report that they pulled showed that the information was not updated. All of this information was on Equifax's report. I called Equifax yesterday and they told me that the Residential Mortgage Report was only good for 90 days and was temporary and that I would have to go through the normal snail mail process of updating these accounts. Seems odd that they received the written proof that these accounts were all paid off, but failed to update my permenant credit file" that consumers pull to determine to whether to extend credit. Needless to say I am P***ED OFF!! Ask your mortgage broker about this rapid re-scoring and if it will actually affect your permenant credit file. Hope your situation doesn't turn out like mine! Good luck and let me know how it turns out. Sirrowan
Re: Ever use a rapid re-scorer? Last weekend I met a guy who is a fairly high volume broker(~60 loans per month). He was telling me about this service. Essentially they just fax the info into their tri-merge scoring service and it gets removed like that. I'll have to ask him if its permanent, could be a good hook up, save on stamps too!
Re: Ever use a rapid re-scorer? Thanks for the additional info guy's. I had read somewhere else on here (maybe it was you) about the errors only staying off the reports for 90 days. I guess I'll be prepaired to follow up with letters and such. I called the brooker today and I guess they are having a problem re-scoring the TU report. I paid off an OC last week, and the CA that was on the report for this account is refusing to provide written documentation that this was done. They will only provide verbal. So working on that. Mike
Re: Ever use a rapid re-scorer? Touchdown says I had read somewhere else on here about the errors only staying off the reports for 90 days. ====================== LB replies What's their excuse for putting the errors back on.??????
Re: Ever use a rapid re-scorer? You're all missing something very important here -- a RMCR (residential mortgage credit report) is NOT the "same report" that, say, a utility and or other credit grantor may pull. Typically, a credit grantor will pull one, two or all three of your histories from the major bureau(s) - TU, EXP or EQU. Pretty straight forward. A RMCR, on the other hand, is COMPILED by a third-party company (i.e., First American Credco) and is comprised of data from all kinds of sources, not *just* the three CRA's. They aggregate all of the data - liens, judgements, child support (in some states), AS WELL AS the data from your three histories from the CRA's -- and they put it into their own formatted report -- the RMCR. When they've "removed" or "updated" an item (to get your loan) based on proof of payment or proof of satisfaction of the debt, they don't necessarily update EXP/TU/EQU -- they update THEIR report that they are providing to the lender/broker. This is why derogs remain on your EXP/EQU/TU, but you still got approved for the mortgage. HOWEVER -- one mortgage company that I went through used a third-party company that was authorized by each of the Big 3 CRA's to update/modify/delete records (via tape) themselves. I provided the written proof of the satisfaction of the debt, and they removed it on the spot, then re-scored it. The only way it will show up again if the re-scorer removes it from the CRA's records is if the creditor re-reports it.
