Repository Update

A Repository Update (Rapid Rescore) is an expedited change of consumer credit information at the repository level (Experian, Equifax and TransUnion). This expedited process usually takes 3 to 5 business days versus 30 to 45 days. Required documentation includes a letter from the creditor on their letterhead, dated and preferably signed with the consumer’s name and account number. Please ensure the exact actions requested are specified in the letter (deleted, paid off, status change, etc).

No Doc Rapid Rescore. Require no documentation, however borrower authorization is required. The borrower should contact the creditor/creditors and provide verbal authorization to release information to all 3 credit bureaus. Additional fees apply. A new re-issuable credit report should be pulled once the changes are made. There are no guarantees items will be changed or that scores will increase.

Rapid Rental Reporting (R3). Rapid Rent Reporting was developed specifically for the real estate mortgage and lending markets. Rapid Rent Reporting provides the quickest possible way to include a new tradeline for past rental payments on a consumer’s credit report. Data for the new tradeline is collected and verified via industry standard processes directly from the property manager or landlord of the consumer. R3 utilizes patent pending data authentication and transformation processes to ensure the consumer’s information is accurately reported to the credit bureaus and reported correctly on their credit report file. R3 improves the strength of the consumer’s credit report by establishing a Tier-1 (housing related) credit item. With the addition of the new rental tradeline, automated (DO/DU) and secondary underwriters can more accurately assess a borrower’s ability to repay the mortgage.

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