Learning the Basics of a Rapid Rescore

What is a Credit Rescore?

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.

What can a Rapid Rescore update?

• Any tradeline/public record currently reported on borrower’s credit profile
• Liens, bankruptcies, and judgments
• Accounts not associated with the borrower (Experian only can unmix this information)
• 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.

Processing and Fees

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

Phone Verify/No Documents

1. Additional fees may apply
2. Equifax does not charge any additional fees for this service
3. Experian is the only bureau that will conduct a conference call

Common Account types and updates that cannot be Phone Verified

1. Charge-off accounts
2. Accounts placed into collections
3. Accounts reported by Credit Unions
4. Removing/adding late payments
5. Removing authorized user status

Processing Time

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

Rush Processing

Equifax and Experian offer rush processing. Additional fees may apply. TransUnion does not offer rush processing for rapid rescore orders.

Borrower Authorization

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.”

The following names can be used when a consumer is placing authorization:

• Jamie White – Equifax
• Alex Smith – TransUnion
• Pat Williams – Experian

This is 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.

Removing Dispute Comments

Dispute comments can be removed by submitting:

1. A proof document from the creditor. The letter must state, “Consumer is no longer disputing account information; all dispute comments have been 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. Please be sure to pull or refresh to a new file as soon as possible when you receive the completion notice. Creditors can and will re-report dispute verbiage at any times.

Updating Accounts

The Bureaus will accept documentation that includes all the below criteria:

1. Must be from the creditor that is reporting the account
2. Include the consumer’s name
3. Include a current date that is after the most recent reporting date
4. Include the full or partial account number that matches the credit report
5. State the change that needs to be made (new balance, removing lates, delete account, etc.)

Removing Account Information 

Removing Authorized User Accounts

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.

*Transunion does not require documentation to remove authorized user accounts. They will remove without having a document and do not need phone verify.

Updating Late Payments

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

1. Must be from the creditor that is reporting the account
2. Include the consumer’s name
3. Include a current date that is after the most recent reporting date
4. Include the full or partial account number that matches the credit report
5. State specific late date(s) to be removed
   1. 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”
   2. 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”

If you need to add late payments, the bureaus will need a document that meets the criteria above and includes the specific late(s) that must be added to the tradeline.

 Special Requirements: American Express

American Express no longer reports actual credit card numbers and instead report an Account ID number to the bureaus. The bureaus will only accept the following documents:

• 1. The Bureaus will only accept the credit card statement if it includes a matching account ID. This can typically be found at the bottom of the first page of the statement. If it does not include the account ID, they statement will NOT be accepted.
  2. A Credit Verification Release Form. The borrower will need the Account ID number from the credit report.
     1. The borrower will need to contact AMEX credit bureau division at 800-874-2717 for this form.

Special Requirements: First National Bank of Omaha

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.

Special Requirements: Credit One

The criteria is stricter for Credit One than most accounts. Credit One does not release ANY account information over the phone to third parties. The bureaus will only accept documentation that includes:

• 1. Must be from the creditor that is reporting the account
  2. Include the consumer’s name
  3. Include a current date that is after the most recent reporting date
  4. Include the full or partial account number that matches the credit report
  5. State the change that needs to be made (new balance, removing lates, delete account, etc.)

Special Requirements: Apple Card

The criteria is stricter for Apple Card than most accounts. Apple Card does not release ANY account information over the phone to third parties. The bureaus will only accept documentation that includes:

1. Must be from the creditor that is reporting the account
2. Include the consumer’s name
3. Include a current date that is after the most recent reporting date
4. Include the full or partial account number that matches the credit report
5. State the change that needs to be made (new balance, removing lates, delete account, etc.)

Please note, the statements provided by Apple Card do not include the account numbers. The consumer must contact Apple to get the appropriate document.

Bureau Investigations

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 can track this and follow up with the bureaus on an investigation every 3 to 4 days and send status updates to you, upon request.

Please note, when and investigation is initiated with Equifax, they will place a dispute and add dispute verbiage to the tradeline until they receive a response from the creditor.

Documents Not Accepted by the Bureaus

1. Handwritten documents
2. Trustees deed or escrow papers
3. Payment histories (when removing a late)
4. Divorce decrees
5. Bureau investigation results
6. Internet court record information/documents that are not recorded by the court listed on the credit report
7. Universal data forms
8. HUD 1 statement or settlement statements
9. Documents embedded in emails (attached is okay but still subject for review)
10. Informative Research supplements
11. Documents that include any kind of contingency statement or null and void verbiage
12. Payment confirmation receipts
13. Payoff letters

*Bureau policies may change with or without notice

For help, reach out via email at creditrescore@informativeresearch.com or call at (888) 819-0007.