Rescoring FAQ

What is Rescoring?
Rescoring is the process of correcting incorrect information at the bureau level. With the proper documentation, the correct information will be sent to the bureaus. The bureaus will verify the document and update the account. The update will take about 3 business days after being submitted to the bureaus. Rescore Express is the name of Advantage Credit Inc’s rescoring program.

Is the correction permanent?
Most of the time, yes. While Rescore Express corrects information at the level of the bureaus, it is up to the creditor to change their reporting to the bureaus. We have no control over this. If they do not change their reporting, it is possible that the next time they report, they will report the old, incorrect information. Scores and information on a report can change daily, so we recommend having the underwriter pull their report as soon as possible after the update is complete.

Why can t I charge for credit repair?
This is a rapid correction process, not credit repair.The bureaus are in a precarious position,managing data for millions of credit reports. They do not wish to be accused of conflict of interest, profiteering from errors,and accusations of ulterior motives for errors that appear on a credit report.

How do I determine what might help a score?
Look at the score factors listed on the Credit report. They are listed in order of importance of how much that factor is impacting the score.

What documents will the bureaus accept?
The optimal approved Rescore Express document is a letter on letterhead from the creditor that is reporting, typed, signed and dated, stating very specifically what the change is to be made. The account number must also be on the letter. If the Rescore Express is for a public record, the document must be the official release/satisfaction with an official court seal from the court that is reporting.

To show a balance paid down or off the bureaus will accept a copy of the mailed statement that shows the new balance. A computer-generated statement is also sometimes acceptable if it contains the company logo and at least the last 4 digits of the account number.

What documents are not acceptable?
Divorce decrees, HUD’s, settlement statements, copies of money orders, department store receipts or universal data forms.

How do we obtain the correct documents?
The borrower must obtain the proper documentation from the listed creditor or court.

What is the guarantee that a score will go up?
There is never a guarantee. While it is always the hope and we have had great success with this program, we can never guarantee a score increase.

I have an old mortgage on the report that has been paid. If we do an update to show it paid, will that help my credit score?
Most likely an old mortgage is not really affecting the score. Balances that most affect the scores are balances on revolving debt. Check for credit card balances that are charged up to or close to their limit.

Will it help to show a collection account paid off?
If the collection account is over 12 months old, there is actually a chance of the correction having a negative affect at the onset. The bureaus look at this as bringing derogatory information to a current date. If the collection account is reporting in the last 12 months there is more of a chance of it having a positive affect though it will probably not be a dramatic increase.

Will showing a judgment or lien satisfied/released help the score?
Again, if it is over 12 months old, there is a chance of it having a negative affect on the score for the same reasons listed above.

There is a collection agency reporting on the credit report and I have a letter from the original creditor showing it paid.
The bureaus will not accept this. The letter must be from the company that is actually reporting to the bureaus. In this case, that would be the collection agency. If the original creditor is also reporting on a separate line the borrower must also obtain a letter from them.

What about bankruptcies?
We discourage doing Rescore Expresses on bankruptcies, especially if the bankruptcy was discharged over 12 months ago. By showing charge offs/collections included in a bankruptcy, again, the bureaus look at it as bringing derogatory information to a current date and it could, at the onset, have a negative affect on the score.

I show several old credit cards without balances as still open, if we show them closed will that help the scores
No, and in most cases it will actually hurt the scores. Closing, old, unused credit cards also closes their history. The bureaus want to see that history, so closing them could have a negative affect on the scores.

Are there specific accounts that a Rescore Express cannot be done on?
Yes, as there are some creditors who will not do verbal verifications to any third parties, regardless of the situation. We have to verbally verify any document we receive for and Rescore Express and then the bureaus also do a verbal verification of the documents we provide. If they cannot get a verbal verification we cannot do the update. Also with Equifax we cannot do updates with MBNA or WAMU/Providian credit card accounts.

Can an account that is not reporting to the bureaus be added through Rescore Express?
We cannot add an account at the bureau level that is not showing on the credit report. Rescore Express can also not be used to remove inquiries.

What are the best kinds of changes to make through Rescore Express?
• Removing erroneous late payments that have been reported in the last 12 months.
• Showing credit card balances paid down/off.
• Having erroneous collection accounts removed.

What is a good credit scenario?
2 installment loans
3 revolving accts (2 national bank cards/1 department store card)
No derogatory information All revolving debt should have balances of less than 30% of the high credit.

How do I submit a Rescore Express?
1. Submit your Rescore Express through our a href=”” target=”_blank”>online request form And fax your supporting documents to 303-952-7576 and attention Mindy/Jackie.

• Documentation (provided by consumer) that confirms the error, name, phone number of an individual at the source who can be contacted to verify the information. The bureaus will confirm the document by phone before correcting.
• Proof documents (provided by consumer) must contain the following information:
• Date
• Letterhead of Creditor, including contact and phone number
• Consumer’s name and address
• At lease a partial account number
• Specific and clearly stated reference to the correction in dispute
• Signature of the representative from the company
• To show a credit card balance paid down/off the bureaus will now accept a copy of the most current mailed statement showing the new balance or a copy of the computer generated statement provided it has at least the last 4 digits of the account number and the company logo.

2. Upon receipt of the authorization to correct bureau reporting, Advantage Credit will evaluate and determine if the circumstances and documentation of the consumers dispute permit the dispute to be resolved through the Rescore Express Service. If the dispute does not qualify, Advantage Credit will promptly notify Client. However, please bear in mind that the $25.00 document evaluation fee ($50.00 for bankruptcy) will be charged to the client, regardless of whether or not attempt is made to correct the file. This cost is in addition to any other cost incurred to have the dispute corrected
through the bureaus.

3. Advantage Credit, using the Rescore Express service, will submit a request to each bureau that is reporting the item in dispute. The results of the correction will often be reflected in the new bureau file within 48-72 hours from the time the request is submitted to the bureaus. Note: Rescore Express cannot make corrections in some areas of the country that are Equifax affiliated, independent bureaus.

4. Upon notification from the bureaus regarding tradeline changes, a new report will be pulled by Advantage Credit and provided to the client.

5. There is no assurance that the tradeline(s) will be corrected or, if corrected, the scores will change. In many cases the scores are improved, however there is no guarantee of any kind implied by Advantage Credit as to the use of the Rescore Express Service.

Guidelines for Rescore Express submission
1. Review the factors of the score provided by each bureau. The factors are listed below the score (three or four items). These are listed by level of significance to the score, the first being the most important factor. (The above can only be done if your company is setup with our services). Score factors examples:
• Proportion of revenue balance to revenue credit limits is too high
• Length of time accounts have been established
• Serious delinquency, and public record or collection filed

2. Review the derogatory information to locate any items that are being reported incorrectly.
If any item can be corrected with a letter from the creditor, refer to the score factors to determine if the correction relates to any of those factors. The bureaus WILL NOT ACCEPT the following:
• Copies of checks or money orders
• Divorce decrees
• Mortgage settlement statements (HUDs)
• Paid receipts
• 3rd party documentation

3. To correct information from the bureaus, a letter from the creditor must contain the following documentation:
• Date
• Letterhead of creditor, including contact and phone number
• Consumer’s name and address
• Account number
• Specific and clearly stated reference to the correction in dispute.
• Signature of a representative from the company
• To show a credit card balance paid down the bureaus will accept a copy of the
most current mailed statement or a computer printout of the statement as long as it
contains the last 4 digits of the account number and the company logo.

4. Give a copy of “To the borrower” as a guide when contacting creditors.

5. Complete the “Rescore Express Submission” form (please complete all the requested fields on the form).

6. Fax the creditor letter(s), along with the signed and dated “Rescore Express Submission” form to 303-952-7576.

7. Upon receipt of the faxed documents, Advantage Credit will review the documents, pull raw data from the repositories and notify the agent of which bureau(s) were corrected.

For more information contact our Rescore Express Team

Mindy Leisure or Jackie Reynolds