lender suggests credit repair for 5points?? Am I being scamed?

[brownee]

Wait! So my lender should not charge us for the rapid rescore???

[DallasLoanGuy]

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@brownee wrote:
Wait! So my lender should not charge us for the rapid rescore???

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I have used 3 different companies to pull credit for me in my career.

Acranet

Credco

Kroll Factual Data

All 3 have told me that we CANNOT pass along the costs of rapid rescore to the borrower as it is an unearned fee.(can be done by the borrower themselves?)

Violates either RESPA or the Fair Credit Reporting Act..... I can't remember.

[WannaHouse]

I agree..pay off the Kohls and Cap One cards and call to get it updated. That should give you more than the 5 points you need. The credit repair is nothing but crap.  That is what My Fico is for...to do your own repairs!

[Anonymous]

Hello everyone.. just wanted to give an update!  After paying of the Capital One, Kohls, and the year old collection my score went up 15 points!! Thanks for all your advice!! It saved me a ton of money.. $1200 to be exact!!  We can finally fill out the loan application on Monday.. hopefully that will all go smooth!! I'll keep everyone posted!! Only three weeks until the closing!!

[WannaHouse]

WTG!!! So glad to hear it updated so fast for you!

[Anonymous]

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@Anonymous wrote:

Hello everyone.. just wanted to give an update!  After paying of the Capital One, Kohls, and the year old collection my score went up 15 points!! Thanks for all your advice!! It saved me a ton of money.. $1200 to be exact!!  We can finally fill out the loan application on Monday.. hopefully that will all go smooth!! I'll keep everyone posted!! Only three weeks until the closing!!

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Glad to hear the good news.  Once you get closed on your new home, be sure to come back here and check out the rebuilding credit forum.  They can help guide you on the BOA and Chase accounts you still owe.  Sounds like maybe they were charge off's.  Also there are some techniques you can use on collections to get them totally removed from your credit report (although they lessen when you pay them off w/o using the procedures).