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Credit Help - Rapid Scoring

Posted Wed, 06/17/2009 - 16:30 by asafr

  Trying to buy a home but your score is too low? 

Do not walk away from the deal before you read this….

 What is Rapid Scoring?

Rapid Scoring is the process in which your mortgage lender and broker can obtain to rapidly updating account information reporting with the all three credit agencies, usually resulting in an increase in your credit scores.

 

 

How Much will Rapid Score Increase my Credit Score?
Rapid scoring can potentially increase your credit score by 15-35+ per account in Rapid Scoring several accounts may increase your credit score much higher. It is not unheard of to see increases of 50+ points by rapid scoring several accounts.
 

Price:

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    The fee for rapid scoring is $30.00 per bureau, per trade line, per borrower.

 

Credit Bureau Response Time

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    The credit bureaus’ response time for Rapid Scoring is typically 3 business days.

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    Requests received after 3:00 P.M. PST will be processed the following business day.

 

Credit Report is Required

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    In order for broker to request rapid scoring service, they must reference credit report which has been pulled within the last sixty (60) days. The credit bureaus will not process a rapid rescoring request without a corresponding credit report.

 

Documentation Must Accompany Each Rapid Scoring Request:

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    The credit bureaus require proper documentation from each creditor before they will make any change to the credit file.  The credit bureaus will not accept “verbal verification” from any source including the credit company used to pull your credit.

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    The documentation must be written on the creditor’s letterhead and addressed to the consumer.  (Fill-in forms sent to the creditor, like those typically used for rental verification, are not acceptable.)

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    The documentation must include specific instructions from the creditor as to what information should be updated.  If the document is not specific, it will be rejected by the bureaus.

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    A third-party letter cannot be submitted to correct another creditor’s tradeline.  For example, if the tradeline is being reported by a collection agency, the letter needs to come from that collection agency, not the original creditor.

 

Updating Balances

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    Any documentation used to update a balance must be dated within the last 14 days and specifically reference the dollar amount of the new balance.

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    To update balances on revolving accounts, you may submit either a recent statement or a letter from the creditor.

 

Internet Documents

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    Internet documents are acceptable for use in updating account balances or referencing bankruptcy, tax lien or judgment status.

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    Internet statements for account balance updates must show the consumer’s name, contain at least four consecutive digits of the account number, display the current balance, and be received by the bureau within 24 hours of the access date.

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    The document must reference the current balance specifically.  Documents showing the “amount paid” are not acceptable for calculating current balance. 

 

 

Removing Late Payments

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    In order to remove a late payment, an approved creditor letter must a) specifically state that the late payment should be removed or deleted, or b) specifically state that there are 0x30, 0x60 and 0x90 day(s) late payments reported in the last 12, 24 etc. months, or c) state that all derogatory information should be removed or d) that the account should reflect Paid as Agreed.

 

Deleting a Tradeline

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    In order for a tradeline to be deleted, the creditor documentation must specifically state that the tradeline should be deleted or removed from the credit report.   The letter must also state the reason why the tradeline is being deleted.  Note: The only bureau-accepted reasons for deletion are “Reported in Error”, “Does Not Belong to the Consumer” or “Fraud”. The credit bureaus do not consider “Paid in Full” as an acceptable reason for deletion of a tradeline.

 

Adding Tradelines or Other Information Currently Not Reported by a Creditor

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    There is no service which can add a non-reported tradeline and its associated payment history to a consumer’s credit report.  The bureaus negotiate with the creditors to report this information to them directly and on a regular basis (e.g., via monthly tapes).  If a creditor has not agreed to report the information directly to the bureaus, it cannot be added to the consumer’s file. 

 

Bankruptcy Updates

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    When updating tradelines to reflect them as “included in bankruptcy” the credit bureaus require the following documents: a) Discharge of Debtor, b) Petition Page, and c) Schedules D and F.

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    Items not automatically dischargeable or items listed on Schedule E will not be updated.

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    Non-dischargeable items or items that require special consideration under the Bankruptcy Code, such as student loans, will require a letter directly from the creditor.

 

Tax Liens and Judgments

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    In order to update a judgment, you must provide the court documents (with court seal and stamp) stating “satisfied” or “released”, along with the original docket number reported by the credit bureau(s).

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    Handwritten original recording information will not be accepted by the credit bureaus.

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    In order to delete a judgment or tax lien from a consumer’s file, the court document must state “vacated” or “dismissed”.

 

Judgments and Associated Tradelines Both Show on the Report: “Are these duplicates?”

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    No, the credit report’s inclusion of both the judgment and its corresponding tradeline(s) is not considered duplicate reporting by any of the repositories. The reporting source is different for each item: One entry (the tradeline) is reported by the original credit grantor and the other entry (the judgment) comes from public records.

 

 

Correcting Address, Date of Birth, Employment, Name and/or Social Security Number

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    The credit bureaus require that the consumer contact the bureaus (hyperlink to credit bureaus contact info) directly in order to process a correction in address, employment, name and/or social security information.

 

Inquiry Removal

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    Inquiry removal cannot be processed through rapid scoring process. It must be processed by the end-user and agency making the inquiry.

 

Maximum Number of Trade lines Requests:

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    There is no limit to the number of tradelines you can correct via Rapid Scoring.

 

 

Mixed Files

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    Mixed files occur when tradeline information from one consumer erroneously appears on the credit file of another consumer. 

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    Only Experian will correct a mixed file via Rapid Scoring. The flat fee, regardless of the number of erroneous tradelines, is $100.00.  The consumer must provide the following:

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      A legible copy of his/her Driver’s License and Social Security Card

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      A list of the accounts that are not associated with the consumer

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    Neither Equifax nor TransUnion will correct mixed files.   The consumer should contact these two bureaus directly in order to have these erroneous tradelines removed.  

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      Equifax Consumer Affairs: (800)203-7843.

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      TransUnion: (800) 916-8800 (choose option #3 to speak with a representative)

 

 

 

Specific Credit Bureau Information

 

Equifax

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    Equifax cannot delete the bankruptcy status of a tradeline unless the documentation also includes the entire payment history of the tradeline.  (This is because Equifax’s bankruptcy tradelines automatically delete previous payment history, making it necessary for them to rebuild the payment history whenever restoring a tradeline from its previous bankruptcy status.)

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    Equifax may automatically put a rapid scoring request made to MBNA/Bank of America and WaMu/Providian into dispute.  There is no way to be certain prior to the rapid scoring submission whether or not the request involving one of these creditors will trigger an automatic dispute instead of the standard rapid scoring process. 

 

Experian

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    Late payment updates and/or account removal for Chase and Washington Mutual trade lines are automatically sent to the dispute department. This is per Experian’s contract with Chase and Washington Mutual and cannot be waived.

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    Experian will automatically send the company whose processing the rapid scoring the requests to their dispute department if they cannot verify the consumer-provided documentation or if the documents don’t match the creditor’s normal format for confirming updated information.

 

TransUnion

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    TransUnion incorporates a “Three-Call-Rule” when attempting to verify creditor documentation.  If they are unable to contact the creditor and verify the documentation in three phone call attempts, they will automatically put the rapid rescoring request into dispute.  Note: TransUnion will not permit the consumer to participate on these calls, even in an attempt to expedite the process.  

 

Consumer-Initiated Disputes (by Contacting the Credit Bureau(s) Directly)

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    In situations where the consumer cannot get documented proof from the creditor that a change should be made to their file, their alternative is to file a dispute with the credit bureaus.  Upon receiving your dispute, the credit bureaus will contact the creditor using the consumer dispute verification process.  The creditor will respond electronically via a platform called E-Oscar.  (E-Oscar has replaced the Universal Data Form.)

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    Disputes take up to 30-days to process, and can take longer before a final outcome is achieved.

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    NOTE: If the consumer has already contacted the credit bureau directly and disputed a particular tradeline or public record, the process a rapid rescoring request on that item would not be permitted.  The item will be placed on “hold” and cannot be altered until the consumer dispute is completed. The consumer is responsible for all bureau contact when they choose to initiate a dispute on their own and must contact the bureau directly for status updates.

 

 

 

 

 

 

 

 

 

Common Reasons for Rejection

 

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    The document is not on the creditor’s letterhead.

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    The document is not specific.

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    The document does not mention the balance.

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    There is no account number or the account numbers do not match.

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    There is no court stamp on the document.

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    The letter is not from the creditor reporting the tradeline.

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    The letter is not addressed to the consumer.

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    The Order Form is missing a page or is incomplete.

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    The Order Form was altered.

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    The Order Form acknowledgement was signed by the consumer.

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    The request did not include documents.

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    The document contains a clearance clause (i.e. you have a check returned for insufficient funds, we have received your fraud dispute and will investigate, etc.)

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    The date is not listed or it is not current.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    The credit report is more than 60 days old.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    Cancelled checks or receipts as documents are not acceptable.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    The account is on credit hold.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    The request is attempting to add tradelines.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    The bureaus were not able to verify documents with creditors.

  • http://www.obamafinancialhardship.com/themes/acquia_marina/images/raquo.png); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; list-style-image: none; list-style-type: none; background-position: 0% 0.833em; ">

    The documents provided were not legible.

 

 

 

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How to Qualify for a Loan Modification with <insert lender here>

Posted Wed, 06/10/2009 - 20:42 by asafr

 

 

Now that you understand both what a loan modification means and what is required from you, the next step is to see if you qualify:

Most homeowners think that it would be easier to hire a third party company or a lawyer to negotiate their loan modification, which may be the right thing to do if you do not know what the hell you are doing, but as we are in the 3rd generation era, and most of us have access to the world wide web, where there is an infinity mass of information what i call "The wonderful web of information". so... if you are already having difficulties paying your mortgage and other debts, why spend thousands of dollars hiring a loan modification company when you could DO IT YOURSELF. However, you need to educate yourself before you start, that's why we've started this website.
Each lender have programs that you may quaify to modify your loan, yet homeowners must meet guidelines criteria.
We've taken a snippet from each site (and hopefully did not offend anyone in the process), we'll provide full links to the original website for your reference in our "Useful Links" pages
 

 

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Required Forms

Posted Wed, 06/10/2009 - 19:21 by Anonymous

Loan Modification Forms

 

We have collected several forms that are freely available on the Internet, just to make it easier for you.

here is an ever growing list, feel free to send us modifications or additions!

(you need to register for a free account so you can download these files)

 

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Home buyers' tax credit can be turned into cash at closing

Posted Tue, 06/09/2009 - 19:46 by asafr

Home buyers' tax credit can be turned into cash at closing - Buyers who use FHA financing soon will be able to use their $8,000 tax credits for settlement fees, escrow charges, higher down payments or to "buy down" the interest rate.




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Loan Modification Assistance

Posted Tue, 06/09/2009 - 19:28 by asafr

Save your hard earned money,You CAN do it yourself and we can help!

What does loan modification really mean?

Ah, the questions everyone asks but only a few really understand… lets deep dive and explain exactly what this means…
This is another solution for homeonwer who are haveing financial hardship and find themselves falling behind their mortgage payment or having trouble paying thier mortgage. A transaction in which lender agrees to modify any or some of the terms of the mortgage. This is a process where an existing note is modified, but not cancelled. Changes may include: extending the term of the loan, changing the monthly payments, changing the interest rate, etc.
How to qualify for a loan modification program
Holy crap! Now you understand both what a loan modification means and what is required from you, the next step is to see if you qualify

Most homeowners think that it would be easier to hire a third party company or a lawyer to negotiate their loan modification, which may be the right thing to do if you do not know what the hell you are doing, but as we are in the 3rd generation era, and most of us have access to the world wide web, where there is an infinity mass of information what i call "The wonderful web of information". so... if you are already having difficulties paying your mortgage and other debts, why spend thousands of dollars hiring a loan modification company when you could DO IT YOURSELF. However, you need to educate yourself before you start, that's why we've started this website.
Each lender have programs that you may quaify to modify your loan, yet homeowners must meet guidelines criteria.
We've taken a snippet from each site (and hopefully did not offend anyone in the process), we'll provide full links to the original website for your reference in our "Useful Links" pages

Read more

Loan Modification Assistance

Posted Thu, 05/21/2009 - 14:16 by Anonymous

Due to the financial crisis that is gripping the country, millions of families have already lost their homes to foreclosures. Even if you are struggling to keep your home loan payments, you do not have to be one of the people whose homes have been foreclosed. With mortgage modification, there is still a way for you to save your property and spare your children and family from experiencing eviction and being rooted out of the neighborhood that they have grown to love and care.

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