Rapid Rescore Documents

[Anonymous]

Hey All! Love the content and knowledge here! First time poster, long time lurker! 

Question I have is this:

For a Rapid Rescore, how do the Credit Bureau's verify the docuemtns we are sending to them? I am in the process of getting a loan for my mortage and my lender is stating she needs to send some pay off letters, however I can only get screenshots from the online portal for WellsFasrgo Dealer Services. Do I just send that? Or how does it work? Do they call up Wellsfargo and ask them?

[JVille]

Yes or often they do a conference call between the 3 of you. Your LO should be able to tell you.

[Anonymous]

Got it! So the screenshot should suffice? Or do I need to get something on an actual letterhead from Wells Fargo DS that states a 0 Balance? 

[VALoanMaster]

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@Anonymous wrote:

Got it! So the screenshot should suffice? Or do I need to get something on an actual letterhead from Wells Fargo DS that states a 0 Balance? 

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You typically have to have something on the creditor's letter head, with your name, an account number that can be matched to the account number on your credit report, the date and the balance.

[Anonymous]

Awesome! Can they call Wells DS to get an update from them to verify? or do I need a letterhead from them? 

[VALoanMaster]

you typically need the letter.

[Anonymous]

Hello!

I am actually going through the rapid rescore process myself. I paid down the balances on two of my Capital One credit cards. I called and explained my situation of applying for a mortgage, and they issued what they called a “credit reference letter” with my name, last 4 numbers of the account, date, the updated balance, and their name (Capital One). My lender submitted to the credit bureaus without a problem.

It must be pretty common because I received the letters within 10 mins via email. Granted it’s not an auto loan, but I would imagine WF must handle these requests often.

Best of luck!