2 Thoughts on I want to refinance my home and need to boost my FICO score as much as possible first. Does Rapid Rescore work
  1. Reply
    RedSoxFan
    November 10, 2012 at 1:55 am

    Rapid Rescore just means that the mortgage company disputes items on your credit report, then gives you a new score when the results are posted. There aren’t any quick fix services for boosting the credit score, but the main things that effect the score are payment history, balances, age of accounts on the credit file, and new credit.

    Any one who tells you they can fix your credit for a fee is just going to rip you off; all they do is write to the credit reporting companies and dispute everything on the reports – sometimes that even causes your score to drop. Some companies that you have had credit with for a long time could end up being removed, changing the age of your credit history, and lowering your score.

    You can dispute your credit file yourself if there is adverse info that you think is incorrect, and it doesn’t cost a dime. Just call the reporting agencies – they’ll even tell you how to dispute.

  2. Reply
    IamIntresting
    November 10, 2012 at 2:39 am

    Red Sox Fan is Wrong.

    Rapid rescore does improve your score but you must have iron clad proof something is inaccurate like a letter from a creditor saying they made a mistake or a recent bill showing that a big bill was paid.

    This company sells credit reports and does rapid rescores for my mortgage company, http://www.One Source Data.com and if you browse the site you can find more info about rapid rescores….

    Now as far as a service to repair your credit, many of them are scams, others are not.

    You can definately do this yourself, or hire a company to do it for you. IF you want fast results, NO ONE CAN DO IT FAST.

    This company http://www.expert-credit-advice.com/credit_repair_service.htm did it fior me, but it took just over 9 months. I was completely satisfied because they told me it would probably take a year and a half and it was faster then I expected.

    Be careful out there because many of these credit repair companies will take your money and run. The things to look out for are 1. companies that saythey can fix your credit fast, 2: the ones that charge too much $ upfront 3, the companies that are not accredited.

    Now if you want to try to do it yourself, use the following letter:

    To Whom It May Concern,

    I am requesting that the following inaccurate items be immediately investigated. Please delete this misleading information in order to show my true credit history. By the provisions of 15 USC section 1681i of the Fair Credit Reporting Act of 1970, I demand that the following items be re-verified and deleted from my record.

    Company Name Account # Comments
    __________________________ ____________________ ______________________
    __________________________ ____________________ ______________________
    __________________________ ____________________ ______________________
    __________________________ ____________________ ______________________
    Under federal law, you have 30 days from receipt of this letter to re-verify these entries. It should be understood that failure to do so within a thirty day period constitutes reason to promptly delete the information from my file FCRA 15 USC s1681i (5)(A).
    Also, pursuant to USC s1681i (6)(A) of the Fair Credit Reporting Act, please notify me when the items have been deleted. You may send an updated copy of my credit report to the address below. According to the provisions of 15 USC section 1681j, there should be no charge for this notification. Additionally, please provide me with the name, address and telephone numbers of each credit grantor or other subscribers that you contacted for follow up.
    My personal information is as follows:

    Full Name :______________________________________________________________

    Social Security Number: ________________ – _______ – ________________

    Date of Birth ____________________________________________________________

    Current Address _________________________________________
    _________________________________________
    Sincerely,

    _________________________________________

    Signature

    Date:____________________________________

    Send it to these bureaus:

    Equifax
    P.O. Box 740241
    Atlanta, GA 30374
    800-685-1111
    http://www.equifax.com
    Fax: 1-888-729-0083
    or 1-866-233-3777

    TransUnion
    P.O Box 2000
    Chester, PA 19022-2000
    1-800-888-4213
    1800-916-8800
    http://www.transunion.com
    Fax:714-447-6032
    or 714-830-2449

    Note: TransUnion allows you to dispute online without a file number as of June 2004. Simply go to their site and click on “dispute”. Start the dispute process and just leave “file number” blank.

    Experian
    P.O. Box 2104
    Allen, TX 75013-2104
    1-800-682-7654
    1 800 493 1058
    1-888 EXPERIAN
    http://www.experian.com
    poss. fax: 714 830 2444

    Note: If you have been denied credit within 60 days go to http://www.experian.com/reportaccess and get a free credit report online and dispute items right then and there! No credit card needed- it is completely free as of June 2004.

    Innovis Data Solutions (a newer 4th credit bureau)
    Innovis Consumer Assistance
    P.O. Box 1358
    Columbus, OH 43216-1358
    http://WWW.INNOVIS-CBC.COM
    1-800-540-2505
    Poss. fax: 281-504-2594

    Keep in mind, they will try to dissuade you from doing this and it may take a few tries to get the good result you want, so dont give up…..

    I have given this same letter to several people who said that they were able to remove negative information from all 3 bureaus.

    If they dont respond send this reminder to respond:

    Certified Mail #__________________________________________________

    To Whom It May Concern,

    Thirty days ago you received my letter deposited by registered mail with the US Postal Service. In my letter I had disputed several items listed on my credit report, issued by your firm. The items were outdated and inaccurate. Attached is a copy of the original letter.

    Under the Fair Credit Reporting Act 15 USC 1681i (5)(A), you had 30 days from the receipt of my letter to respond to my request for re-verification of the erroneous items. You have failed to respond in a timely manner to my request for re-verification. Therefore, it must be that the information on my credit report was either inaccurate or could not be re-verified. In either case, according to the provisions of 15 USC section 1681i (a), the items must be deleted immediately. The listed items represent a very serious error in your reporting. Please respond immediately so that I do not need to pursue my legal rights under 15 USC Section 1681n or 1681o, which require your compliance with the law.

    Also, pursuant to 15 USC Section 1681i (d) of the Fair Credit Reporting Act, please notify me when the items are deleted. Send me an updated copy of my credit report to the address below, as well as to any other party that has inquired about my credit within the last six months.

    My personal information is as follows:

    Full Name:_________________________________________________

    Social Security Number: _______________ – _______ – ____________

    Date of Birth:_____________________

    Current Address:_______________________________
    _______________________________

    Previous Address:______________________________
    _______________________________

    Sincerely,

    ____________________________________________
    Signature

    Date: ______________________________________

    If that doesn’t work send this final demand:

    http://www.expert-credit-advice.com/Letters/Letter6.htm

    Certified Mail #__________________________________________________

    To Whom It May Concern,

    On _______________________, I wrote to tell you that I had not heard about any specific action taken by you to re-verify the items I had identified in my credit report as inaccurate, outdated or incomplete. Please acknowledge receipt of the attached copies of my correspondence for your review.
    Since you have not given me names of persons you contacted for re-verification of the information, nor have you complied within the statutory time period (30 days) to my request for re-verification, I assume that you have not been able to re-verify the information I have disputed. Therefore, you must comply with the Fair Credit Reporting Act and delete the disputed items from my credit report.

    I demand that you send me a copy of my updated credit report showing the elimination of the items disputed by me in the attached letters. According to the USC section 1681j, this copy must be provided at no cost to me. Additionally, I demand that it be postmarked within five days after signing the certified mail receipt you are holding.
    Your failure to provide me with an updated copy of my credit report with the disputed items deleted will prompt me to pursue my legal rights under 15USC Section 1681n or 1681o of the Fair Credit Reporting act, “Civil liability for willful noncompliance”. Your credit bureau may be liable for:

    1) Any actual damages I sustain due to your failure to delete the items 2) Punitive damages as the court may allow
    3) Cost of the court action, plus attorneys fees

    A copy of this letter has been sent to the Federal Trade Commission, the Subcommittee on Banking, Credit and Insurance, and the Department of Business and Professional Regulations (Division of Consumer Complaints.)

    Full Name: _______________________________________________

    Social Security Number: _____________–________–__________________

    Date of Birth: _______________________________________

    Current Address: ____________________________________________________________

    ____________________________________________________________

    Previous Address: ___________________________________________________________

    ___________________________________________________________

    Sincerely,

    _________________________________________
    Signature

    Date:_____________________________________

    These letters were all taken from a free credit repair kit on that website mentioned above.

    Hopefully this helps, just keep in mind, you need months to prepare to refinance not days or weeks.

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