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Rapid ReScoreTM FAQs and Information Package

 

 

Rapid ReScore is available to mortgage brokers and lenders only, and you must be a CCI client in order to access this service. Get the process started now by clicking on Membership.

 

This premium service offered by CCI benefits consumers and lenders alike by facilitating credit report changes at the bureau (repository) level during the lending process. Certainly you have experienced the frustration associated with having inaccurate, outdated or derogatory items appear on your borrower's credit report in error. In the past, this might have prevented you from getting the best terms for your borrower or perhaps killed the deal altogether.

 

Now you have a tool to address this problem. CCI's Rapid ReScore.

 

Get familiar with this valuable service by reviewing the important Rapid ReScore FAQs below. Then print the Rapid ReScore Information Package. Click here if you need a Rapid ReScore Request Form only.

 

 

What types of information can be corrected?

  • Collection accounts still showing an unpaid status
  • Judgments or tax liens that have been paid or satisfied
  • Late dates that were reported in error or changes in account status, ie) from "delinquent" to "current"
  • Accounts that should be included in a discharged bankruptcy
  • Accounts that have been paid and closed but still show a balance owing

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What information must be provided to CCI?

Obtain supporting documentation from your applicant. Listed below is the only documentation accepted by the bureaus:

  • Letter from the creditor or collection agency
    (Must have the same account number on letter or receipt as being reported by the bureau(s))
  • Certified satisfaction of judgment from the court
  • Certified tax lien release from the IRS
  • Certifed bankruptcy discharge papers from the court
  • The bureaus will not accept the following documentation: Canceled checks, receipts for money orders, account statements, hand-written letters, third party documentation.

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How long will it take to make the changes?

Once the documentation is received and accepted by the bureaus, turn-around time is 3-5 business days. If the documentation is not accepted by the bureau(s), you will be notified by CCI.

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What happens after the bureaus make the corrections?

Once the corrections have been made to the file, the bureau(s) will notify CCI and we will access a new Tri-Merge report with the updated file information.

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Will the score be raised?

This service could result in positive movement of the score(s). However, Credit Communications Inc., Experian, Equifax, Trans Union or Fair Isaac cannot guarantee a positive movement in the credit score(s). CCI highly recommends the use of the Credit Analyzer and What-If Simulator prior to requesting the Rapid ReScore service. These tools, although they do not provide a guarantee, can provide you with valuable insight on how credit scores are impacted by error corrections and updates at the bureau level as well as changes in a consumer’s “credit behavior”.

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Can't my borrower dispute incorrect information on his own?

Yes. The borrower may go through the normal dispute process with the bureau(s) directly. However, some disputes can take up to 6 weeks before they are resolved. See the Consumer Resources area of this site for the credit bureau contact information. Keep in mind, however that if the consumer initiates the normal dispute process directly with the credit bureaus, the Rapid ReScore service may not be accessed since the consumer initiated dispute process must run its course.

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Click Here to print the Rapid ReScore Information Package