Rapid Rescore QUESTION

[Anonymous]

I am trying to get a rapid rescore done and came across a Credit Repair place that claims to do rapid rescores. They told me that if I get a rapid rescore done through my mortgage lender or from anyone in the mortgage industry setup to do rapid rescores, all that would be done is adding a supplement to my credit report which will show the updated balances only on their printout of a tri-merge report. They said if I pulled my credit on a monitoring site or if any other lender looked at my credit, my old balances would still show.

Is this correct? Seems like it isn't from what I have read on here and might just be their marketing BS. 

Any insight would be MUCH apprecaited!

[Scupra]

When my LO was doing rapid rescores I could not see any of the changes on any monitoring site.

[VALoanMaster]

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@Anonymous wrote:

I am trying to get a rapid rescore done and came across a Credit Repair place that claims to do rapid rescores. They told me that if I get a rapid rescore done through my mortgage lender or from anyone in the mortgage industry setup to do rapid rescores, all that would be done is adding a supplement to my credit report which will show the updated balances only on their printout of a tri-merge report. They said if I pulled my credit on a monitoring site or if any other lender looked at my credit, my old balances would still show.

Is this correct? Seems like it isn't from what I have read on here and might just be their marketing BS. 

Any insight would be MUCH apprecaited!

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@Anonymous's their marketing BS & a flat out lie. We can do either a rapid re-score or a credit supplement depending on what the situation requires. When we do a rapid rescore the information is updated @ the credit bureau level. Once it's updated we pull a brand new report which generates new scores. When we do a credit supplement, whatever information we need updated is just added to the existing credit report.

[Anonymous]

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@VALoanMaster wrote:

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@Anonymous wrote:

I am trying to get a rapid rescore done and came across a Credit Repair place that claims to do rapid rescores. They told me that if I get a rapid rescore done through my mortgage lender or from anyone in the mortgage industry setup to do rapid rescores, all that would be done is adding a supplement to my credit report which will show the updated balances only on their printout of a tri-merge report. They said if I pulled my credit on a monitoring site or if any other lender looked at my credit, my old balances would still show.

Is this correct? Seems like it isn't from what I have read on here and might just be their marketing BS. 

Any insight would be MUCH apprecaited!

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@Anonymous's their marketing BS & a flat out lie. We can do either a rapid re-score or a credit supplement depending on what the situation requires. When we do a rapid rescore the information is updated @ the credit bureau level. Once it's updated we pull a brand new report which generates new scores. When we do a credit supplement, whatever information we need updated is just added to the existing credit report.

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Thank you for the input and detailed information. He told me that mortgage brokers cannot do "real" rapid rescores and only do a credit supplement. I double checked with him if all they were doing is submitting disputes to each lender and he said no, however a client of his that I know mentioned to me that during the process some accounts did say a dispute was opened. He said this is standard protocol from the credit bureaus. 

How long do your rescores normally take and are they always successful? This guy seems to be promising a lot but I'm having trouble finding proof he delivers.

If you don't mind, I am going to send you a PM. Again, thank you!

[StartingOver10]

I would stay away from that Credit Repair place just based on the info you posted.  

The place to get your rapid rescore done is the mortgage lender that is processing your loan.  They aren't going to accept some score from another vendor during the mortgage process anyway.  I think VALoanMaster said it best.