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Rapid Re-Scoring – By one of the country's most prominent re-scoring experts, Richard Le Febvre, president of AAA American Credit Bureau Inc. located in Flagstaff, Arizona. The Washington Post 07/13/01 This scenario of problems, errors, misreporting, and updates in consumers credit reports is far to familiar to most lenders across the country. A loan cannot close because information in a borrowers credit report is inaccurate or in need of updating. The consumer has or will have the necessary creditor documentation to update their credit file, which may change their credit score in a positive manor . The consumer and the lender/broker want to close now, not wait 30-90 days to get updated information from the three credit repositories. AAA American Credit Bureau Inc. can help. Rapid Re-Scoring expedites consumer file updates at the repository level, in 24-72 hours (in most cases). [ Top of Page | Home ] AAA American Credit Bureau – Was the "First" Credit Reporting Agency in the country that could Re-Score consumers credit scores beginning over 3 years ago. As the first Credit Reporting Agency in the country to Re-Score, and having over three years of re-scoring experience with thousands of satisfied consumers sharing our success stories recalculating their credit scores, AAA Credit has become the #1 leading expert in the country in this field of credit re-scoring. Before now, consumers whose loan was denied because of low credit scores or consumers who were forced to take higher rate loans called SUB-PRIME now have a way to protect against unfair credit scores by using AAA American Credit Bureau. If your low scores were based on inaccurate information in a credit repository file we are here to say AAA Credit can help. Over the years consumers had to go through a cumbersome process to update their permanent credit record in each of the national repositories database files. AAA Credit is here to tell ALL consumers that we can help them saving them stress and frustration during the very complicated mortgage process. Inaccuracies in borrowers credit reports can delay closing many real estate loans in the new age of automated underwriting. In many cases those same errors/inaccuracies causing low credit scores could cost consumers tens of thousands of dollars in extra fee's and interest over the life of their real estate loan. Getting information changed at the bureau level takes time. Being able to expedite changes at the bureau level can streamline the loan process, and may allow lenders to approve a consumers loan faster, and get the consumers a more attractive rate, loan program and terms. [ Top of Page | Home ] What is Rapid Re-Scoring & Why? – It's a service offered by AAA Credit that provides a solution to expedite the loan process. Rapid Re-Scoring is a convenient and reliable mechanism for providing file updates at the repository level in a timely manner. Why should consumers and mortgage professionals Re-Score? The answer is easy "Money". Consumers should Re-Score to save themselves paying higher fee's and costs. In today's mortgage market speed, profit, lowering lenders overhead and loans approved or declined in minutes has become the main focal point of most lenders and "Not Credit Accuracy". With the wide use of credit scoring and automated underwriting consumers must have a way to protect themselves against this new technology. With error rates created by credit furnishers as high as 60-70 percent in typical credit reports consumers must have a way to protect against this new unfair technology. Sometimes throwing technology at a problem (credit accuracy) does not fix it, but can enhance the problem causing the consumer to pay higher fee's & costs. Mortgage professionals should Re-Score their clients or at least offer the service to their consumers so they can choose if the service can help them get a better rate and term. Back in the old days (before the year 2000) loan officers had a way to protect their clients and protect them against many inaccuracies in consumers credit reports during the mortgage process. This consumer protection service was called a Residential Mortgage Credit Report. Remember, a couple of points on your consumers credit score can make the difference between loan approval and loan denial or 7, 8 or 9 percent for your client. [ Top of Page | Home ] The Process is Easy – With loan officers using the AAA Credit Score during the preliminary pulling of a Tri-Merge credit report the job is easy. The AAA Credit Score is designed to tell consumers/loan officers what, why and how to correct their credit scores. When our AAA Credit Score finds errors, inaccurate, outdated, misreported, flaws in scoring model, and other problems in the credit report our ACBLINK software will alert the loan officer that the consumer is a candidate to have their credit scores recalculated. In the event you don't have our software, but maybe you should, don't worry you can contact our certified counselors at our Corporate Customer Service Center, who will discuss options for updating the information. In rare cases where the consumer does not benefit by better rates and terms it may not warrant the extra cost of Rapid Re-Scoring. While more complex cases may require more time and documentation, don't worry AAA Credit again is here to help you and the consumer through the process. To accommodate quick turnaround for Rapid Re-Scoring, AAA Credit communicates directly with the bureau(s) instead of the bureau(s) speaking directly with the consumer. AAA Credit's counselors will send you a ADVS/CDVS overview that will explain what needs to be done to possibly achieve the required credit scores (but it's not guaranteed). We will work with you and your borrower to verify incorrect items at their source. We need complete documentation from the creditor verifying the correction has taken place. Then AAA Credit will electronically transmit the verified items and backup documentation to the bureau(s) and request an expedited file maintenance procedure. The bureau processes the item within 24-72 hours(in most cases) from when it was received at the bureau, and the consumer’s credit file is updated, corrected and re-scored. [ Top of Page | Home ] A Winning Solution for ALL – With Rapid Re-Scoring it's a WIN - WIN for all during the mortgage process from the consumer, loan officer, and lender. It gets the consumer the best rates and terms. Isn't that what we all want? The right of home ownership and a consumers eligibility, Rate, and Term to be based on true and accurate credit information? Rapid Re-Score helps consumers because they are able to update their credit information in the repositories databases quickly. In most cases a new credit score improves, customers who were "borderline" previously and they may be approved for loans, or for loans at better rates and terms. Rapid Re-Score helps lenders, especially those who use an automated underwriting system with minimum score cutoffs. If errors, inaccurate, outdated, misreported, flaws in scoring model, and other problems, can be removed or updated and files re-scored quickly, the lender may be able to approve more loans. [ Top of Page | Home ] Documentation Required – For Rapid Re-Scoring
Turnaround - Within 24-72 hours(in most cases) after AAA authentication of documents Cautions
[ Top of Page | Home ] Rapid Re-Scoring Helps You...Help Your consumer – With a very frustrating part of human reality "Credit Problems". Remember, besides a better rate on their new mortgage you may also help them with better rates on all types of insurances, credit cards, loans that use Fico scoring to determine their risk based pricing. Rapid Re-Scoring is just another reason to make AAA American Credit Bureau Inc your first choice for mortgage information services. This premium service offers mortgage lenders an option that can help their customers get the credit they deserve. Contact your AAA Credit sales associate, call 1-928-773-0070.
Average Weekly Re-scoring Success (Click Re-Score Button)
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