A  Credit Rescore is a streamlined way to correct or remove inaccurate  information in a borrower’s credit report, either from one or multiple  bureaus.

• Any tradeline/public record currently reported on borrower’s credit profile
• Liens, bankruptcies, and judgments
• Accounts not associated with the borrower
• Account status and balances
• Remove derogatory information and accounts that were reported in error

Note:  If  the ECOA code is “T” for Terminated that means the Bureaus will not  update any account information through the Credit Rescore process.   These tradelines can only be deleted.

All rapid rescore fees are per person/per bureau/per tradeline

1. Experian and TransUnion charge an additional $20
2. Equifax does not charge any additional fees for this service
3. Experian is the only bureau that will conduct a conference call

Standard is 3-5 business days after you submit a request, while rush is just 1 business day

Equifax  and Experian offer rush processing for an additional $40  fee.  TransUnion does not offer rush processing for rapid rescore  orders.

The bureaus won’t accept the standard consent form and may contact the borrower’s creditors directly to verify the request.

To avoid delays, ask  your borrower to contact the affected creditors and have their account  notated with “authorizing the release or sharing of all account  information to Experian, Equifax, and TransUnion.”

This is highly recommended for all requests as a precaution.  If the bureau calls the creditor without  authorization, the request may be placed into “investigations” and it  could take up to 30 days for the request to be completed.

Dispute comments can be removed by submitting:

1. A  proof document from the creditor. The letter will need to state  “Consumer is no longer disputing account information, all dispute  comments have be removed.”
2. Consumer Dispute Removal Letter completed by the borrower

The  borrower should also contact the creditors to make sure that the  disputes are removed from their system and that they do not get  re-reported.

The Bureaus will accept a current statement (online printout is okay) and must have a portion of the account number and reflect current date with the exact change (balance) or update needed.

Bureaus require that all documents submitted:

1. Be typed on the creditor’s letterhead
2. Must be addressed to the borrower(s)
3. Come from the creditor reporting the account
4. Include a current date and account number
5. State specifically how the information should be changed or updated
6. Reflect something done already and not something to be done in the future. (i.e. the tradeline for John Doe has been deleted, not the tradeline for John Doe will be deleted)

The bureaus are unable to accept documents that only state that the borrower was removed as a user.

The  bureaus update the account one of two ways: 1) they terminate, which  means that the account remains on file, no new reports, the balance is  zeroed out, and the status is updated to “T” or 2) they delete the  account from the user’s credit file.

To terminate,  the letter will need to state that the consumer’s name has been removed  as a user AND the account has been updated to terminated.

To delete,  the letter will need to state that the consumer’s name has been removed  as an authorized user AND the account has been removed/deleted from the  borrower’s credit profile.

Remove incorrectly reported late payments with a letter from the creditor.  The letter must:

1. Be written on a creditor’s company letterhead
2. Be addressed to the borrower and dated
3. Indicate account number
4. Have contact name and phone number for the creditor
5. State specific late date(s) to be removed
   • This  can be an exact date(s): “Previously reported late payments for 02/18  and 04/18 were reported in error and have been removed from the  consumer’s credit file”
   • This can be a date range: “Previously  reported late payments from March 2013 through September 2013 were  reported in error and have been removed from the consumer’s credit file”
   • Or it can state that the account has never been late

• The Bureaus will not accept the credit card statements as the credit card number on the statement will not match to the account number being reported
  • They no longer report actual credit card numbers and instead report an Account ID number to the bureaus
• A Credit Verification Release Form is needed and the borrower will need the Account ID number from the credit report
  • The borrower will need to contact AMEX credit bureau division at 800-874-2717 for this form

• The Bureaus will not accept credit  card statements from Barclays Bank as the credit card number on the  statement will not match to the account number being reported
  • They no longer report actual credit card numbers and instead report an Account ID number to the bureaus
• A letter from the Customer Care department is needed with the following requirements:
  • The  letter must have the borrower’s name/address, Barclays credit card  number, the account ID that appears on the credit report, and state  exactly what information they need indicated on the letter (current  balance, dates of late payments, etc.).
  • The borrower must sign and date the letter
  • The  letter needs to be faxed to the Customer Care Department at  866-823-8178 (if the letter needs to be faxed back, the fax number needs  to be provided as well)

Note: Barclays Bank will not verify or release any account information over the phone

Example

JW Smith

123 Main St, Phoenix, AZ 85202

Credit Card #1234 4564 4565 1231

Account ID # 12345678

To Whom It May Concern – Barclays Bank Customer Care Department

Please provide a letter for the above listed credit card number/account ID showing my current balance and next payment due.

Please ensure that the account ID number is listed on the response letter.  Please fax response letter to 987-987-9871

• The Bureaus will not accept credit  card statements from First National Bank of Omaha as the credit card  number on the statement will not match to the account number being  reported
  • First National Bank of Omaha (FNB Omaha) no longer reports actual credit card numbers, but rather a scrambled account number.
• The Bureaus will verify thru ATM if a complete credit card number is given.

If  the credit bureau is unable to verify/obtain information with a  creditor, the request may be placed into what the bureaus refer to as “Investigation.”

The  bureaus will send an electronic request for validation of the  information to the creditor, who then has up to 30 days to respond.  Normally, the creditor will respond in 4-10 days.  Informative Research  tracks and follows up with the bureaus on all investigation requests  every 3 to 4 days and would send statue updates to you.

1. Handwritten documents
2. Trustees deed or escrow papers
3. Computer generated payment histories
4. Receipts, canceled checks
5. Divorce decrees
6. Bureau investigation results
7. Internet court record information/documents that are not recorded by the court listed on the credit report
8. Universal data forms
9. HUD 1 statement or settlement statements
10. Information sent via email
11. Informative Research supplements
12. Screenshots from mobile/cell phone apps

For help, reach out via email at info@informativeresearchcompany.com