I read this excerpt from his website, but it did`nt mention how to reacg one of these people. Any ideas? Credit rescorers - July 18, 2001 Clark told listeners about a sub-group to credit repair companies - rapid rescorers. Errors on credit reports are common. Consumers with good credit history can be prevented from obtaining a loan, or get stuck with high interest rate loans if errors pop up on their credit report. These errors will also produce a lower credit score, the number most lenders use to base a level of loan. A rapid rescorer takes a credit file and obtains written corrections from creditors and makes sure the corrections appear on a credit report. A recent column by a syndicated real estate journalist detailed how the credit score of one couple was preventing them from obtaining a mortgage loan. The score, averaging 580 and obtained from the three major credit bureaus, was a result of errors on their report. Those errors were a repossession of a Mercedes that they never owned, a delinquent credit card that they never held and a collection on a debt that they didn't owe. Once these errors were corrected their score rose to 780 - an excellent rating. Rapid rescorers are individual affiliates and insiders with the three major credit bureaus. They can get results and corrections made in a week whereas it may take regular consumers up to four months to make things right. Don't get caught up in paying extra fees. You can make corrections yourself. If you plan on buying a home in the next four months, request a copy of your credit report from each of the major credit bureaus and start making the necessary corrections right away. Thanks for any input.
Charlie this is supposedly a real person inside the bureau who can do this and get the report updated in a week. If we can figure out the process imagine the time saved and people moving on with their lives. Any ideas?
So in other words there are 3 different people...one from each CRA on the take. I bet that could get expensive. Charlie
If an "insider on the take" made deletions, the negative tradelines would re-appear when the creditor or CA reported next anyway. They could only accomplish a temporary deletion. Third party negotiaters have a much higher rate of success than the original debtor in negotiating payment for deletion. With an agreement in hand they could just forward it to the CRA. I doubt if they have anyone on the take, more than likely a business arrangement with the CRAs (much like a collection agency) to get things done quicker. Just my $.02 Gib
I have three comments: 1) If the CRA's fix their broken system there would be no need for rapid rescorers(rr). RR's is just another way for someone to make money. Why does it take an RR to get the job done? Why can't the CRA's fix errors just as fast? Rather than use an RR, if my CR has errors and I can't get a mortgage, I'd ask for correction then sue if I didn't get them deleted. Why pay to have my own record corrected. Greedy people making money! 2) I think RR's are doing business on the side. I know someone who charges people $500 per CRA ($1500 if you want all three). He's working for a RR. His customers provide their CR's and money. He then faxes the CR to RR and presto deleted. He didn't refer to his contact as an RR but admitted he had a contact who had a contact at the 3 CRA's. It all sounded too fishy to me so I never did business with him. I know of someone who did and his CRA is now clean. However, I think the garbage will appear again. 3) I'd rather tackle it myself. So far I've had losts of deletions and mine will not be re-appearing. They will not be re-appearing because they couldn't validate or was not bonded. I have my paper trail in case any of them gets out of line. The RR can't guarantee that.
Rapid Rescoring can also occur with small cra's who buy the information from the big 3... then they go in and correct their reports, update the big3, and repull a new report and new score. there's nothing illegal about that. Even the bureaus have expedited 72 hour processes for mortgages.
Here it is. http://clarkhoward.com/library/tips/credit_reports.html I would like to find out how to get to these people if they indeed work for the bureau.
In the past, standard factual companies (CRA consolidators) used to be able to submit immediate CR corrections if you showed them a letter from the creditor requesting it. I have also seen this done with local bureaus. However, if this was ever done on any kind of grand scale, the CRAs would swoop in and end it. I know a guy who went to prison for having an inside person at a local TRW (Experian, now) make credit alterations for a fee. Both the credit repair guy and the TRW employee went to the clink for a year or so.
This rescoring system is done by folks who have worked in the industry for some time. More than likely, it would be a mortgage officer. They cant do anything that you cant do yourself, except expidite the process by spending the time necessary to make the corrections. If you look at it from a consumers prespective, it could be theoretically a great way to go. For instance, if you dont have the time to spend on hold for countless minutes or if you dont have the finesse to work with these 'black and white' people who answer the phones at collection agencies or credit bureaus. From my experience doing this on my own, (successfully) it took me quite a while to find the key people within any of these companies to get the tradelines deleted quickly. Once you get on the inside this is half the battle. I would imagine that these rescorers have lots of experience to offer. In the process they do not get half as aggravated as the average person. This process would be like hiring someone to do the work for you who knows the ropes and is giving you individualized attention to get the job done in record time..
For the CRAs: What's so special about mortgage loans? Why is that the only instance when you'll accept requests for rapid updates? If I'm shopping for a car and my score is too low to get the best rate (or a loan, at all), why won't you accept my request for corrections to be done immediately? The car dealer's sale ends today, and waiting 30 days for you costs me.
I think maybe the car loan maybe wouldn't be as cost effective. A mortgage loan would pay for itsself in under a year. In this post it says it is $500 per CRA. Charlie
