Equifax
Equifax Information Service
Attn: Disputes
PO Box 740256,
Atlanta, GA 30339
800-270-3435
www.equifax.com

Experian
Attn: NCAC
PO Box 2106
Allen, TX 75002
888-567-8688
www.experian.com

TransUnion
TransUnion Corporation
Attn: Disputes
PO Box 390
Springfield, PA 19064-0390
800-888-4213
www.TransUnion.com

Generally a dispute form will need to completed and submitted, along with any applicable documentation you may have (if any). The credit repository then has 5 days to contact the appropriate credit grantor and then 30 days to receive a reply from the credit grantor. Within 5 days of the completion of the investigation, the credit repository must send a written report to the borrower with its findings and a copy of the revised report if there was any change. Any credit errors or problems can be disputed online with each of the credit bureas instead of by mail. Please contact me at 1-888-418-4467 or email me at dave@gofirstsecurity.com if you need any help fixing, learning, and/or questions about your credit.

Rapid Rescoring - Rapid Rescoring is used by Mortgage Brokers to quickly raise a low credit score. An applicants credit data is analyzed for inaccuracies, request for written correction of erroneous information contained in the files are ordered, and borrowers are advised on how to restructure specific open credit lines to raise their credit scores. Some applicants with the cooperation of the credit reporting bureaus (Equifax, Experian, and TransUnion) may legally raise their credit scores anywhere from 40 to 100 points or more in one week or less. A higher credit score helps borrowers to qualify for lower mortgage rates, lower fees and more conducive terms overall, often saving the borrower thousands of dollars in costs.

Mortgage brokers are often able to use Rapid Rescoring to save loans. Make sure you speak with your mortgage professional about this feature.

In some cases, deletion letters from the creditor will not be accepted if the date of the letter is showing older than what is reporting on the credit report. It must be dated within 90 days.

All documentation from the creditors must be on the creditors company letterhead, and signed by a representative of the organization.

Rapid rescoring can mean the difference of thousands of dollars saved if you are borderline on your FICO score and rescore higher.

When using a Rapid Rescore to improve your credit, it is important to follow the exact instructions of the credit company and your loan oficer to ensure that you do in fact improve your score and do not decrease it further.

Rapid Rescoring is often done through a Third Party consumer credit company for the sole purpose of the loan. It is necessary to contact the individual credit bureaus (Experian, Equifax, TransUnion) to make a permanent change to your credit report.

It is important to note that although Rapid Rescoring is a great tool there is no guarantee that the borrowers FICO score will increase beyond what is needed to fund the loan.

Documentation to prove information reported is incorrect is necessary.

If rapid rescoring fails you can use the services of a credit repair compnay to raise your score. This does however take more time than the rapid rescore.

There is a cost to rapid rescoring as the third party consumer credit company charges the broker for each tradeline to be rescored.

Very good documentation will be needed in order to rescore. Normally you will need a letter from the creditors specifically stating that the information is different from that which is being reported. Other documentation, reciepts, etc, may be acceptable but unless they clearly overrule what is being reported a rescore may be difficult.

Bankruptcy filings are not considered acceptable documentation for rapid rescore. You will still need to attain letters from the unsecured property claims such as credit cards and collections that indicate they've been removed via bankruptcy.

There is a possibility that a rapid rescore could cause a score to go down. This is due to human error, or inproper post score calculations.

No Credit History - A borrower with no credit history may be someone who chooses to pay cash for the bills. It is possible to show a credit history that will satisfy most lenders requirements.

A credit history can be established by providing at least 12-month history on the following options:
Rent, Utilities, Rental agencies, Auto references, Car insurance, or you may use a co-signer that has good, established credit.

There are many programs available for people who have no credit history. You can even qualify for 100% financing if you have no credit history, as long as you can provide some alternative forms of credit.

Speak with one of our mortgage professionals about the availability of alternative credit reports accredited by the NCRA National Credit Reporting Association, which may help you in qualifying for a loan with some of our lenders.

Fanie Mae's "My Community" program was designed just for people with limited credit history and will allow up to 100% financing. Keep in mind you will need to show at least 4 alternative tradelines such as rental history, cell phone, cable tv, etc.

Any accounts that you decide to use as alternative credit must be paid on time for the last 12 months. Cancelled rent checks or rental reciepts can also be used as a alternative trade line. You r mortgage broker should be able to help you decide what accounts to use.

The Underwriters View of Credit - Lenders and their underwriters put tremendous weight on the borrowers credit history. Knowing what underwriters look for is a major key in getting mortgages approved. The underwriter will first get an overall picture of the borrowers credit history:
• How has he paid for his past mortgage?
• Does he have a great deal of credit card debt?
• Does he carry large credit card balances for a long period of time?
• Has he paid his car loans and other installments in a timely manner?
• What is his average credit score?

Most of the information of past payments and account balances to available balances will be reflective of the credit score that you receive. If a file is manually underwritten the score will have more of an emphasis as well as the past mortgage history, credit card debt, balances & intallment history as the underwriting guidelines will outline exactly what is acceptable but if the file is underwritten electronically through DU, DO, or LP some of the flaws in the credit or higher balances may be overlooked if the file has a stronger loan to value (LTV) or if there are strong assets.

If a substantial derogatory item is present on the credit report, it may be necessary to secure an underwriter's exception

When an underwriter is asked to make an exception to credit policy they will be asking for whatever extenuating factors caused the derogatory credit. Examples would be job loss, accident, death in family.