Re: Ever use a rapid re-scorer? So, please do spill the beans. WHO is this mortgage company? Contact info, etc... Inquiring minds really, really, really want to know.
Re: Ever use a rapid re-scorer? I beleive the name of the company the broker I met with used was factual data.
Re: Ever use a rapid re-scorer? It was Shore Mortgage (www.shoremortgage.com). They did a first mortgage for me back in March of 2000. They used a third party credit firm called Credit Technologies. Not sure if they still use them or not, but maybe ...
Re: Ever use a rapid re-scorer? The credit reporting agency keeps inaccurate records, then charges extra to clean up the report (unless the consumer wants to wait up to 30 days). If they make money on the errors, what is their incentive to maintain and enforce accuracy? If you know of cases where a CRA punished a creditor for reporting inaccurate data, please post them.
Re: Ever use a rapid re-scorer? Everybody makes money from the CRAs&CAs to the creditors & insurers on the incorrect information. 70% of reports contain errors. I don't see how anybody could be that accident prone.The only way to achieve such a high percentage of false information is with an intentional effort. Fair Isaac Makes their money with a program developed to take advantage of the fake information.Most of the money being made comes from the 70% rather than the 30%remaining.
Re: Ever use a rapid re-scorer? It seems a bit odd to feel like the 3 CRA's are "out ta getcha", but it sure looks that way to me. I called CBC Credit Services of Dayton (the company that compiled my Residential Mortgage Report) again yesterday to find out why they hadn't updated my credit report. You see, they are affiliated with Equifax and Equifax is where all of the errors etc. stemmed from. This is what they told me: "CBC Credit Services of Dayton does not have the authority to permanently update your credit report. If you want your credit report updated, you will have to send letters to CBC Credit Services of Dayton through the mail." WTH!? I talked to a person named Sarah in the Mortgage Department. She told me that the entire place was a Mortgage Department (in Dayton Ohio). I said oh, ok, I think I understand now (I was actually thinking, does she think that I am this stupid?) In response to someone else's comment about everyone missing the point. The point is they are affiliated with Equifax. They have the ability to update my credit report that is used to determine whether I receive credit or not. If they have this power, by God they should finish the job and update my permenant credit file. CBC Credit Services of Dayton is in Dayton OH. The CBC Credit Services of Datyon where disputes are mailed to is in Columbus OH. CBC Credit Services of Dayton in Dayton should forward this information to CBC Credit Services of Dayton in Columbus!! You bet your ass if it was new negative information obtained by compiling a Residential Mortgage Report that the negative information would promptly be placed in my "permenant" credit file. Sorry to sound so bitter, but the more that you look at the credit system, the more corrupt is appears!
Re: Ever use a rapid re-scorer? 1*Some on this board brand me paranoid when I imply things like this.They must not realize I know to much. Anyway it matters not peoples opinion of me. The fact remains the results of the credit industries actions are inexcusable be it due to error, intention, ineptness or whatever conspiracy or no conspiracy. 2*Basicaly they are admitting knowingly reporting inaccurate information. This is willful violation of FCRA & or FDCPA. 3*You're most likely right. 4*I prefer calling it a corrupt farce as system is too good a name to give it. You don't have to be a Rocket Scientist to figure that out, Just observe the results from it. That tells the tale.
