I spoke with a mortgage company today and after hearing my situation, they stated that there is a special type of credit report that they can pull that is tri-agency and where the CRA has to manually contact each entry on your record to verify it. If not verified, they remove it immediately. The typical charge to run your report is around $20 and this report costs $50. If it's true --- well let's just say that for $50, it's almost too good to be true! I know the saying.... but if I can really do this, I'm sorely tempted - especially with 30 incorrect items on my report. Has anyone else ever heard of this? Is it for real? Shanyl
A short PS..... This is from a legitimate mortgage lender here in Michigan - not a fly-by-night hole in the wall.
Thanks Fun4u2. I'm trying not to be too excited because if it's a real deal, it would be fantastic! Heck, someone doing all the work AND getting the erroneous items off! But since the other shoe has dropped too many times..... Shanyl
Yes, it's called "Rapid Rescore" here is some backround info: A new provision in H.R. 2622 would support the use of a helpful option known as "rapid rescoring" which would be used when applying for a mortgage. Example: A consumer makes application for a mortgage and some negatives appear, which the consumer is unaware of, and as a result is offered a mortgage at a sub-prime rate of interest. Consumers currently have the right to ask the loan officer to reveal the data the lender obtained and point out any mistakes, however errors could not quickly be corrected for the borrower to qualify for the market interest rate. With the new provision for so-called "rapid rescoring" consumers may ask for a rescoring which could be done in about 72 hours thereby enabling a consumer to get the market interest rate. The lender must request the rescoring from dozens of qualified credit bureaus to rescore your files based on documentation you submitted about the mistakes. Individual consumers may not contract with CRA's to perform rescoring.
you should also be aware that you will be charged per item they dispute - where i work it is about $20 per iem.
