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A rapid rescore may help update specific credit report information when acceptable documentation is available. The credit bureaus have strict documentation requirements, and not every item can be changed through a rescore. The documents must clearly identify the account, match the information shown on the credit report, and state the exact correction or update being requested.
Letters should be issued on the creditor’s letterhead and should include:
For example, if a late payment is being removed, the letter must identify the same late payment that appears on the credit report and clearly state that it should be removed.
To update a credit card balance, the bureaus may accept an online statement or account snapshot if it includes:
The document must show the new balance. A receipt or confirmation showing only that a payment was made is sometimes not enough.
American Express Accounts
For American Express accounts, the borrower may need to call and request a credit verification release form.
This is generally the only document the bureaus will accept to update an American Express account through a rapid rescore.
FNB Omaha Credit Cards
For FNB Omaha credit cards, the borrower may need to request a letter that includes both the masked account number shown on the credit report and the actual account number.
The letter should confirm that both numbers refer to the same account and should clearly state the update being requested, such as a corrected balance or removal of a late payment. Even with proper documentation, TransUnion may not allow this type of rescore.
Banks, Credit Unions, and Credit One
For bank accounts, credit union accounts, and Credit One accounts, the bureaus typically require a formal letter on letterhead.
The letter should reference the account number shown on the credit report and clearly state the updated balance or correction being requested.
Bankruptcy Documentation
Bankruptcy schedules with discharge paperwork may only be used to show that an account was included in a bankruptcy.
They generally cannot be used to prove that an account was not included in bankruptcy.
Barclays Accounts
or Barclays accounts, a snapshot showing the updated balance may be acceptable. However, additional information is usually required, including the full 16-digit account number and the home phone number associated with the account.
This information may need to be included on the bureau submission form so the account can be verified
To remove an authorized user account from Experian or Equifax, the creditor letter must state both that the borrower has been removed as an authorized user and that the account should be deleted from the borrower’s credit report. If the letter only says the borrower was removed as an authorized user, the account may remain on the report with a changed account status instead of being deleted.
TransUnion may remove an authorized user account without supporting documentation.
American Express Authorized User Accounts
American Express may issue a letter confirming that a borrower has been removed as an authorized user, but the account may still remain on the credit report.
TransUnion may still remove these accounts because it generally does not require documentation for authorized user removal
For collection accounts, the bureaus generally require a letter on the collection agency’s or creditor’s letterhead. The letter should include the company name or logo, borrower’s full name, partial account number, current date, current balance, and the exact update being requested.
If the account needs to be deleted, the letter must specifically state that the account is to be deleted.
The bureaus may reject documentation that includes “null and void” language, conditional language, or language stating that the creditor or bureau needs additional time to update the account.
The following documents are usually not accepted for rapid rescore purposes:
For example, if a collection account appears on the credit report, the documentation must usually come from the collection agency reporting the account, not the original creditor
A rapid rescore cannot be used for every credit reporting issue. In general, a rescore cannot:
When an account is updated, the reporting date may automatically change to a current date. The bureaus typically will not backdate the account.
Each credit bureau may handle rescore requests differently. Experian may occasionally allow conference calls, but this is not guaranteed.
The bureaus may randomly call creditors to verify documents. If Equifax calls and cannot obtain the needed verification, a dispute remark may be added to the account, and that remark may not be removable through the same process.
For any rescore that is not a simple credit card balance update, it may help for the borrower to contact the creditor directly and request that the account be noted with permission to release information to Experian, Equifax, and TransUnion.
Many banks and credit unions do not complete third-party verbal verifications. They may also decline to add account notes authorizing release of information to the credit bureaus.
When updating balances for bank or credit union accounts, the bureaus may need to verify through automated systems. In some cases, this may require the borrower’s customer number and PIN.
The preferred option is usually a signed letter from the bank or credit union on letterhead. The letter should reference the account number and clearly state the current balance.
To remove a dispute remark, the borrower usually needs to provide a typed letter that is signed, dated, and specific to the account name and number shown on the credit report. The letter should use simple language, such as: “I am not disputing these accounts. Please remove the dispute remark.” Multiple disputed accounts may be listed in one letter. A separate letter is usually not required for each account. The bureaus generally do not accept handwritten letters or long explanations about why the account was previously disputed.
No-documentation rescores may be available for an additional cost. These are most commonly used to update paid-down credit card balances because the bureaus may be able to verify the information through automated systems.
For a no-doc rescore, the full account number is usually required. The account number shown on the credit report is often incomplete.
No-doc rescores are generally not practical for removing late payments, removing collections, removing disputes, American Express accounts, or FNB accounts.
Rush rapid rescore turn times are typically 24 to 48 hours, depending on bureau processing and verification.
fRush pricing may apply per bureau, per tradeline, and per borrower. A common rush fee is $30 per bureau, per tradeline, per borrower.