THIS SERVICE IS PROVIDED FOR OUR BUSINESS CLIENTS ONLY. WE DO NOT PROVIDE THIS SERVICE FOR INDIVIDUAL CONSUMERS.
WE DO EQUIFAX AND TRANS UNION ONLY.
WE UPDATE INFORMATION AT THE BUREAU LEVEL SO THE LENDERS CAN IMMEDIATELY SEE THE CHANGES, INCLUDING THE HIGHER SCORE.
WE CAN RESCORE EQUIFAX IN JUST ONE DAY! (This RUSH service costs an additional $15 per person, per account, per bureau) Same-day requests must be submitted by noon. If not, they will be processed the following day.
WE CAN MANUALLY UPDATE FILES AT THE BUREAU LEVEL SO THE LENDERS SEE IT WITHOUT DOCUMENTATION! For example: You do not have a document showing a new, lower credit card balance. We can still rescore it! (Note: There are some situations where manual updating is not available.) There is an additional charge for manual updates.
Rescore Cost: $50.00 per person, per account, per bureau.
You MUST specify how many bureaus you want re-scored, i.e.: BOTH or just Equifax or Trans Union. If you do not specify, we will submit your request to both bureaus.
We can raise the risk score in one to three days. This occurs when there is a change in status on an account: a delinquent account is now current, late payments are going to be removed, third party collection agency account(s) are going to be deleted, an account is now paid in full and others. You or your clients obtain the PROPER documentation. You submit them to us. We submit them directly to the repositories. They update the file. They call us when the file is updated. We notify you by email or telephone. You pull a NEW file. The scores are calculated based upon the new, updated information.
- Bankrupt files are DIFFICULT. Sometimes the scores will go DOWN, so be careful!
- There will be a charge for all submissions regardless if your documentation is accepted or the request is completed. If we have to re-submit, there will be a NEW/ADDITIONAL charge.
- Trans Union VERIFIES each and every request. You MUST have your client/borrower call the specific creditor and authorize them to release the information to ALL three repositories. Do NOT submit your request until this has been done. If you are NOT doing Trans Union, then you do not have to have your client/borrower do this.
- Be CAREFUL OF CLOSING REVOLVING ACCOUNTS. If you pay a revolving account down and CLOSE the account, you may cancel the re-scoring effect. I have seen where the scores go up but I have seen where they go down. The repositories do NOT have the information or knowledge.
Third Party Collection Agency accounts will NOT raise the score if they are paid. The score typically remains the same. However, the score will increase if a third party collection agency account is going to be deleted.
Scoring also looks at “recency.” Delinquencies during the most recent 12 months have the most impact on the score. So if there is a charge-off from 3 to 4 years ago, paying it off and having it re-scored may make the score go DOWN as the new date of last activity (payment) will be a current date. So be real careful of what accounts you fool around with! Always call us first. Steven Naimoli, the president of Credit Bureau Services, has been in the credit reporting industry for thirty-five years and knows the bureaus better than the bureaus know themselves!
Revolving accounts can be re-scored if there is a change in balance, but the documentation must be CURRENT. They will not accept a two-month old statement. The documentation must also have the full and/or partial account number.
IMPORTANT ****** The documentation you submit MUST be from who reported the account and the account numbers MUST match. In the case of a third party collection agency account, any documentation must be from the collection agency, not the creditor.
The three national repositories will NOT accept cancelled checks, receipts or HUD-1’s. We could possibly do a manual update if you don’t have adequate documentation.
****EVEN THOUGH WE UPDATE INFORMATION AT THE BUREAU LEVEL SO THE LENDERS CAN IMMEDIATELY SEE THE CHANGES, INCLUDING THE SCORE, SOMETIMES THE UPDATED INFORMATION MAY GET PUT BACK ON ONE’S CREDIT REPORT IN A MONTH OR TWO. THIS HAPPENS IF THE CREDITOR IS NEGLIGENT OR LAZY AND DOES NOT UPDATE THEIR OWN RECORDS PROPERLY.
The use of credit bureau risk scoring has permeated the mortgage lending industry to the degree that traditional consumer dispute processing and procedures no longer meet the needs of mortgage lenders or consumers. The desire for speed has strained traditional dispute processing, establishing the need for an expedited method by which the consumer disputes can be processed, so the risk score can reflect a consumer’s accurate credit history.
To meet this need, Credit Bureau Services has implemented RRS, Risk Re-Scoring. Through a unique arrangement with the three major credit reporting agencies, Equifax, Experian and Trans Union, we now have the ability to update information in the credit database, meeting the mortgage industry’s need for fast turnaround of disputes in the mortgage application process.
CBS’ RRS program is comprised of three stages: Submission, Maintenance and Notification.
For the submission state, members will provide complete consumer information for proper file identification as well as proper and acceptable documentation. The accounts must be able to be reasonably authenticated or verified in less than 48 hours. Examples of acceptable documentation include:
- A copy of a letter from the creditor who is reporting the information clearly defining the revision. Copies of money orders, cashier’s checks and paid receipts are NOT ACCEPTABLE.
- Properly recorded public records.
- Other written correspondence with contact name clearly indicated.
- A contact name, phone number and extension of the person who will verify the information to be revised.
- There will be “absolutely” no contact with the consumer. Therefore, we cannot work files that are mixed up.
All documents must be readable after fax transmission.
It is important to be aware of the Repositories’ policies regarding the removal of collection account information from the credit file. They will only remove collection accounts when the reporting collection agency provides documentation that the account has been cancelled, referred in error or the account is not the responsibility of the consumer. Collection accounts will not be removed as a result of payment or promise of payment, even at the request of the collection agency.
Once the documentation has been reviewed, file maintenance will be processed. Most files are completed within 24-48 hours of receipt.
Once we have verified that the file maintenance has been updated, you will be notified so that you may re-access the bureau data.
It is important to note that the focus of the RRS program is to correct inaccurate information. CBS is not responsible for the changes in any credit score, positive or negative, and will not advise or research why any scores changed. There will be a charge for any work completed, whether a revision was made or not.
Please call us at 954-561-1400 or toll free at 866-561-1400 to learn more about this program.