Rapid ReScoring

[Anonymous]

Anyone use it? If so, how'd it work out?

[Anonymous]

I was told it used when you have a letter from a collection agency regarding deletion of a collection account...or something like a release of judgments...just like doing a dispute with the CRA that you have documentation to prove...although I was told it can't be used to get a score boost by paying CC balances...

[tex]

We used rapid rescore for our house that we closed on in March. We had a letter from a CU stating they would remove charged off account. We also had a letter from the state stating they had erroneuosly issued a tax lien back in 2004. We got an 11 point bump but it did not change our level of approval, it did however put us at a significant lower PMI payment. It cost us about $90. It was worth it. The rep from the rescore company can tell your broker if the rescore will probably make a difference. It's a gamble! 

[ShanetheMortgageMan]

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slyhouse08 wrote:
I was told it used when you have a letter from a collection agency regarding deletion of a collection account...or something like a release of judgments...just like doing a dispute with the CRA that you have documentation to prove...although I was told it can't be used to get a score boost by paying CC balances...

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It can be used to lower credit card balances on the credit report and get a score boost.. I've done it at least a dozen times.  However it's not cheap though, usually runs about $30 per trade line per bureau... so if you wanted a Cap 1 account to update on all 3 bureaus it's about $90.

[ShanetheMortgageMan]

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OurHouse404 wrote:

Anyone use it? If so, how'd it work out?

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Your credit report is checked first.  Then you supply documentation from the creditor listed on the credit report which you want to have the data changed on (such as removing a collection from the creditor, lowering a credit card balance, etc.), the credit vendor sends the documentation into the bureaus for them to verify with the creditors, credit report/scores are updated at the bureau level, and a new credit report is checked.  Takes anywhere from 3 business days up to 7 business days depending on the creditor, documentation provided, and credit vendor (the one who checks the credit report).