tysonbodavis Posted April 7, 2008 Report Share Posted April 7, 2008 Just curious, I am looking to start the process on a 1st time home mortgage. my husband (3 - 30 - days)and I(1 30 days) have a few late pays on our credit. does anyone know the process(once broker sends proof to credit bureaus) for a rapid removal how long it takes to be processed? Link to comment Share on other sites More sharing options...
LVMortgageMom Posted April 7, 2008 Report Share Posted April 7, 2008 It typically takes between 3 to 5 days for the entire process, but unless you have solid proof that the reporting is in error, i don't think that is one of the fields that can be corrected. It is usually when you pay a CC down to a 0 balance or pay a collection. I haven't done a whole lot of these, so maybe someone with a bit more experience will chime in. Link to comment Share on other sites More sharing options...
firstsource Posted April 9, 2008 Report Share Posted April 9, 2008 All a rapid rescore does is speed up the normal process of a dispute. Because it is just a faster processing of information a mortgage broker can not charge for this. It normally runs about 35.00 per tradeline per bureau.What you will need to provide your LO is proof that there is an error on the report. ie, canceled check for a payment that the creditor did not post correctly etc. If you were truly at fault, did not make the payment on time you should try a good will approach. If you have had the account for a long time, with good payment history the creditor may give you a break and change the status of the reporting. I would suggest that you go to the credit repair portions of the forum to ask those experts for advice on how to handle your situation.Charles Link to comment Share on other sites More sharing options...
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