topic Re: how to get a dropped CO to report quickly in Understanding FICO® Scoring

how to get a dropped CO to report quickly

Anonymous — Sat, 03 May 2008 03:16:34 GMT

I discovered a CO from 4 years ago was mistakenly reported on all CRs. Yesterday, Chase agreed this was an error and removed it from my history. They are sending me a letter stating that it has been removed.

I need to apply for a new mortgage within a week or so. Question: how can I get this updated quickly to boost my 655 EQ score?

I have also paid down about $10k in cc debt this past month. Hoping that helps as well. UTL from 30% to 5%.

Thoughts?

Re: how to get a dropped CO to report quickly

Anonymous — Sat, 03 May 2008 03:26:53 GMT

buster25 wrote:

I discovered a CO from 4 years ago was mistakenly reported on all CRs. Yesterday, Chase agreed this was an error and removed it from my history. They are sending me a letter stating that it has been removed.

I need to apply for a new mortgage within a week or so. Question: how can I get this updated quickly to boost my 655 EQ score?

I have also paid down about $10k in cc debt this past month. Hoping that helps as well. UTL from 30% to 5%.

Thoughts?

You can have creditors update right away using something called a Rapid Rescore. Search the Mortgages forum for some good posts on the subject.

Re: how to get a dropped CO to report quickly

Anonymous — Sat, 03 May 2008 03:40:48 GMT

Is it true that only lenders can do a Rapid Rescore? I am thinking about using ING Direct. What if they don't do RR?

Will getting a 4 year old CO removed from my history help much?

Re: how to get a dropped CO to report quickly

RobertEG — Sat, 03 May 2008 06:13:00 GMT

Removal by Chase from their their records does not ensure instant removal of their prior postings from the CRA records. Their next report to the CRAs should no longer show the derog, but I would send a copy of the "release" letter directly to each of the CRAs, asking that under the dispute process of the FCRA, which is through the CRSs, that it has now been resolved, and the disputed entry be deleted. I would not wait fo Chase to report their resolution to the CRAs.

RapidScore will only have an effect if the CRA records are updated. Has Chase done this yet? Who knows, so take action yourself to report to them directly, and dont wait for the lack of haste by the Chase.

Message Edited by RobertEG on 05-02-2008 11:10 PM

Message Edited by RobertEG on 05-02-2008 11:13 PM