I'm in the process of looking for a new house and I talked to one company about getting a mortgage and mentioned that it might be difficult right now because of my low score and the fact that there is an (incorrect) open collection account on my credit report right now. I told him that I had just recently disputed it, but it would probably be about a month until it was taken off (if all goes well). Then he told me that they use a company called 'Credit Plus' that can, for a cost of $10 per negative item per credit bereau remove incorrect negative items from one's credit report. But the thing that really confused me is that he said that the item is removed in 24 to 72 hours. Does anyone have any idea who this company is and if or how they can do this? I tried to ask him what proof they would need that the item is incorrect and ask how they do it, but he couldn't really provide anything more. Heck... I'd be more than happy to pay $30 to be rid of this tradeline in 72 hours, but this is one of those things that sounds too good to be true (and probably is). Besides... if they can do it there must be some way that we can do it too. Brett
I found the following information on Credit Plus Solution Group's website (www.cpsg.com). Apparently Credit Plus provides credit scores to mortgage lenders and they also offer a service called Rescore. You can read the info below, but my guess is that you provide them proof that the item on the credit report is incorrect and they dispute it for you. Assuming the proof was sufficent for them, they then provide a new score without the negative item to the lender within 72 hours. I'm guessing that the credit bereaus still take 30 days to finally respond to the dispute. I'm reading a bit into what's written there, but I can't imagine that it would work any other way. --------------------------------------------------------- From http://www.cpsg.com/mortgage/mrt_rescore.htm ReScore Credit Plus Solutions Group provides the ReScoreâ?¢ ancillary service to our merged mortgage report subscribers. This service offers clients the ability to submit supporting documents to update, adjust or have incorrect information in the consumer's/potential borrower's TransUnion, Equifax and/or Experian permanent credit file removed, corrected or updated. This in turn could increase the consumer's FICO score, thus increasing your revenue opportunities. This service provides a 48-72 hour response upon submission of evidence of incorrect information listed on the consumer's credit file. Call Credit Plus Solutions Group today at 800-344-3125 for more information or to purchase this product. BENEFITS Updates made at the repository level (TransUnion, Equifax, Experian) 48-72 hour turnaround NAMB Recommended Service FICO score adjustment Knowledgeable and effective service and staff.
Actually my mortgage broker said that credit plus has "special agreements" with the CRA's to remove info from reports within the 48 hour timeframe. They are exempted from the 30 days since they deal with a "special group" at the CRA's that processes urgent disputes. This is all for a fee though that C Plus pays the CRA's and in turn passes that cost onto its subscribers.
I personally went through it so I can tell you what happens. The item is removed ONLY temporarily, long enough to get you through the process, I guess, and yes, it is removed from the bureau as well, BUT, a big BUT, the item WILL return to you're report after a timeframe and you must then go through the dispute process yourself. Now this was MY experience, the broker told me upfront it was only temporary and I never thought twice about it till a few months later pulled my reports and yep, the items were all back.
This is the strangest thing I have heard of in a while. It may still be doing, though, so we can get a mortgage right away. I wonder what they'll take as 'proof' Thanks, Brett
Re: Re: Has anyone heard of "Credit Plus"? I am not sure what proof is required, in my case they did not need any. My file was merged and they were able to remove the other tradelines w/o me even telling them what was mine and what was not. I really did not even know the broker was having it done until it was done.
Re: Re: Has anyone heard of "Credit Plus"? Although it boggles the mind and contradicts everything the CRAs ever said about "fairness," the big three bureaus do play ball when money's on the table. The legitimate companies that offer these instant-but-temporary services call their product "rapid rescoring." Here's an article I clipped a couple years ago about this. Doc --- Published Saturday, July 14, 2001, in the San Jose Mercury News Rapid rescoring service helps consumers boost their credit scores BYKENNETH HARNEY WASHINGTON -- You've probably heard or read that American mortgage applicants now have ready access to those once-secret, triple-digit numbers that pigeonhole them as good financial risks or bad -- their credit scores. But you may not have heard of a fast-growing trend that can dramatically improve your loan prospects almost overnight: ``rapid rescoring.'' This is a service now offered by dozens of local credit reporting agencies around the country that allows mortgage loan officers to request a rescoring of applicants' credit files at each of the three giant credit repositories: Equifax, Experian and Trans Union. At the request of the loan officer, a local credit reporting agency analyzes an applicant's files, obtains written corrections from creditors of any mistaken information in the files, and advises the applicant on how to restructure certain open credit lines in order to raise credit scores. Sometimes scores can be boosted by 40 to 100 points or more in less than a week -- all fully within the law, and with the cooperation of the credit repositories themselves. With a higher score in hand, borrowers then often qualify for lower mortgage rates, lower loan fees and better terms overall. Corrective rescoring literally can save consumers tens of thousands of dollars in long-term debts, and alert them to negative information sitting in their credit files. Consider the case of Alexandria C. Phillips, an attorney who lives near Los Angeles. She recently sought to refinance a condominium she owns in Newport Beach and to buy a new house in Laguna Beach. Her idea was to pull money out of the condo and use it to help with the down payment on the new home. When she applied for mortgage money through a local broker, however, she was told that her ``credit scores don't look too good.'' Phillips was tied up with a heavy courtroom schedule and didn't ask what her scores were or why they were low. She asked the broker to get the best terms she could get under the circumstances to buy the house and refi the condo. The credit scores the broker referred to were FICO scores, the predominant form of quick-reference credit analysis tool used by mortgage lenders, credit card issuers and others. FICO stands for Fair, Isaac and Co., the developer of the scoring models that ranks applicants in terms of their relative likelihood to pay their debts on time. FICO scores are generated by proprietary computer programs licensed by Fair, Isaac and housed at Equifax, Experian and Trans Union. Individuals' full, electronic credit files are run through the software and evaluated for risk patterns by the statistical models. Though long kept secret from consumers by contractual requirements, FICO scores are now easy to obtain. Fair, Isaac and Equifax provide them on the Internet for a nominal charge ( www.myfico.com ), and the other repositories provide proprietary scoring advisory information as well. In Phillips' case, her scores when pulled May 23 were 597 (Experian), 569 (Trans Union) and 580 (Equifax). Scores at the three repositories usually differ because of different creditor information in their files. Phillips' scores were, in a word, horrible. To qualify for the best loan quotes, borrowers generally need scores of 700 or better. Scores under 620 are ``sub-prime''-- and produce significantly higher quotes on interest rates and fees. Phillips' broker referred her application to a lender specializing in sub-prime, damaged-credit mortgages. The lender, in turn, sent Phillips' files to one of the country's most prominent rescoring experts, Richard Lefebvre, president of AAA American Credit Bureau in Flagstaff, Ariz. Lefebvre immediately began checking out the negatives (``derogatories'' in credit lingo) in Phillips' file. One by one, with Phillips' help, the derogatories turned out to be longstanding errors on her credit files: an incorrect report of a delinquent payment on a credit card; a Mercedes listed as ``repossessed'' in her file that actually belonged to someone else; an incorrectly listed ``collection'' action against her for $1,054 in 1995. After requests from Lefebvre, all were corrected by fax and sent directly to the repositories. Lefebvre also noticed that Phillips routinely put bills from her law office onto several credit cards. But the balances outstanding when the FICO scores were pulled were nearly at the limit on the cards. High credit balances relative to card limits are a major no-no for FICO scores: When your limit is $10,000 and you've got a $9,800 balance, your score takes a hit. So Lefebvre had Phillips pay off or redistribute balances so that no card or credit line had a high balance against the limit. The result? Within five days, Phillips' FICO scores jumped 200 points -- taking her from a 580 to a 780, and from a high-risk mortgage applicant to an A-plus creampuff. Kenneth R. Harney is a nationally syndicated real estate columnist based in Washington, D.C.
Re: Re: Has anyone heard of "Credit Plus"? 1. Can a consumer call and purchase this service or does a Loan officer have to do it? 2. If they're removing my negatives temparory then why can't I purchase the service. Get items remove, apply for a instant CC. Seems to me that the CC would increase my score in the long run. I guess what I'm saying is - Can I use this as another method for increasing my score? * Obtain card and keep it in good standing (Add another positive tradeline) As I stated in another thread - I plan on going into business for myself by opening a Car Wash. My plan is to work on my score for 2 years and apply for a SBA loan.
Re: Re: Has anyone heard of "Credit Plus"? I called this company: You have to get this service through a lender. In other words Joe Blow can't call off the street and request this service. Steve
