Fast Track Guidelines


The guidelines for the Fast Track department are listed below.  Please take a few minutes to review the following information and contact us if you have any questions.  APPLICATION  for Rapid Rescore

Ø       Our Fast Track Customer Service hours are 9:00 a.m. – 5:00 p.m. EST.

Ø       The processing time for a Fast Track is 3 – 5 business days.
 Same Day Service Available for an Additional Convienence Fee.

Ø       Requests received after 3:00 p.m. EST will be considered the next business day.

Number of trade lines we can process – We can only process 7 trade lines per calendar year for a consumer; unless the updates are for a bankruptcy which we can process up to 15 trade lines.

Internet Documents – We cannot accept internet documents unless it is for updating the account balance, Bankruptcy, Tax Lien, or Judgment.

Mixed file – This is when there are two or more individuals displaying on the same credit report.  This is something that the consumer must take directly to the bureaus.  The credit bureaus will review the entire report to verify the correct ownership of each trade line.  We do not process mixed files through our Fast Track program.

Adding Trade Lines

Ø       We cannot add trade lines through the Fast Track program.

Ø       We cannot add payment history through the Fast Track program.

The bureaus will not assume anything.  If the document is not specific on the change(s) to be made we cannot accept the document for that particular trade line.  The bureaus will not accept “verbal verification” from any source.

Documents – for a particular trade line- Valid documents are letters on the creditor’s letterhead, addressed to the consumer, referencing the account number on the credit report, dated and signed, stating exactly what the creditor is agreeing to let us update.

Late Payment Removal - If a late payment needs to be removed then the letter must state to remove the late payment, or display on the document that there are 0-30, 0-60, 0-90 day(s) late payments, or state that all derogatory information should be removed or that there has been no derogatory information reported in the last 12, 24 (etc) months.

Update Balance – If the balance needs to be updated then the letter must state what the new balance should be according to their records.

Trade Line Deletion - If the trade line needs to be deleted then the letter must state to delete the trade line or remove the trade line from the credit report.  The letter needs to also state a reason why the trade line is being deleted.


Tax Liens and Judgment

Ø       Valid documents are court documents stating “satisfied” or “released” with the court seal and stamp on the document.

Ø       To delete a judgment or tax lien then the court document must state vacated or dismissed.

Ø       Judgments and trade lines are not considered duplicates by any of the repositories.  The reporting of these items is from different sources:  one entry comes from the original credit grantor and one entry comes from public records.

Bankruptcy Updates – Valid documents would be the Discharge of Debtor page, Petition page, and Schedule D or Schedule F depending on which schedule the trade line is listed.

 

General Overview:

1.        The Fast Track program cannot correct mixed files.  The consumer needs to dispute this directly with the credit bureaus.

2.        If the consumer has placed a direct dispute prior to a rescore request the file is put in a “hold” status and cannot be worked on until the dispute has been completed.  The consumer must monitor their own disputes.

3.        Judgments and trades are not considered duplicates by any of the repositories.  The reporting of these items is from different sources:  one entry comes from the original credit grantor and one entry comes from public records.

4.        Through Fast Track a request cannot be made to the credit bureaus to have payment history added.  They require this information to come directly from the creditor via their monthly tapes.

5.        Documentation must accompany all Fast Track requests- we are receiving several calls from customers wanting to know why we cannot accept the Customer Service supplement/update as proof.  Fast Track is an expedited dispute process for the consumer; the credit bureaus require proper documentation from each creditor before they will make ANY change to the credit bureau file.

6.        The credit bureaus will not accept verbal verifications from any source.  It the consumer does not have proof from the creditor they can make a dispute directly with the credit bureaus.  The credit bureaus will contact the creditor using the consumer dispute verification process to verify the information or the creditor can submit changes for a consumer via E-Oscar which has replaced the Universal Data Form.

7.        The credit bureaus will not accept internet documents as proof to make changes to the credit bureau file unless it is for balance update, Bankruptcy, Tax Lien, or Judgment.

8.        Documentation must specifically state what the creditor is agreeing to change about their account.  If the letter is vague, for example, the document states a “correction was made” but the creditor never states what the correction is the credit bureaus will not accept the letter.

9.        Documentation from the creditor must identify the trade name as it appears for each repository.  For example, if the trade line is reporting from the original creditor, the letter needs to be from that creditor.  If the account is reporting from a collection agency, the letter needs to be from that agency.

10.     The credit bureaus will not accept verification of mortgage or loan as valid documentation.

11.     To update balances on revolving accounts documentation must be a recent statement or a letter from the creditor.  The documents must not be dated older than 2 weeks.

12.     Fast Track Customer Service hours (to speak directly with a representative) 9:00 a.m. – 5:00 p.m.

13.     Requests received after 3:00 p.m. MST will be considered next business day.

 Bureau Specifics:

 
Experian:

1.        Late payment updates and/or account removal for Chase and Washington Mutual trade lines are automatically sent to the dispute department.

2.        Judgments- if a judgment has been included in a bankruptcy, Experian will remove it from the credit report only if the proper documents have been provided:  discharge page, petition page, and schedule of creditors.

TransUnion:

1.        TransUnion will delete a trade line item included in bankruptcy which is over 7 years old with the following proof documents- filing page, discharge page, and list of creditors.

2.        TransUnion requires documentation before they will make a change on the file.  They have a 3 call rule.  If they are not able to verify the documentation, the account goes into investigations.  They will not accept conference calls to expedite this process.

3.        TransUnion will put accounts into investigations if the creditor could not verify the documentation or if the creditor requires authorization to verify.  The investigations take 30 days to complete.

Equifax:

1.        Equifax will not delete the bankruptcy status from a trade line without a letter with detailed payment history from the time the account originated.  The reason is their system will not allow them to delete the comment; they must rebuild the payment grid.

2.        Equifax will not make an update to a file if an inquiry has not been posted to the consumers file within 90 days.  Equifax states that mortgage reports are only good for 90 days and a new file ensures we are looking at current information.  This will also alleviate unnecessary charges as most creditors update monthly.

3.        Equifax verifies all documentation before they make a change on the file.

Reasons for Rejections:

1.        The document is not on the creditor’s letterhead.

2.        The document is not specific.

3.        The document does not mention the balance.

4.        There is no account number or the account numbers do not match.

5.        There is no court stamp on the document.

6.        The letter is not from the creditor reporting the trade line.

7.        The letter is not addressed to the consumer.

8.        The request is missing a page from the Order Form.

9.        The request did not include documents.

10.     There were more than 7 trade lines listed.

11.     The report is considered a mixed file.

12.     The document contains a clearance clause.

13.     The date is not listed or it is not current.

14.     The credit report is not current.

15.     We will not accept cancelled checks or receipts as documents.

16.     The account is on credit hold.

17.     Statement did not include account number.

18.     The request is attempting to add trade lines.

19.     The bureaus were not able to verify documents with creditors.

20.     The documents provided were not legible.

 Examples of acceptable documentation include:

Creditor Letters - Letters must include ALL of the following:
Letterhead of the creditor
Account number
Consumer's name
Creditor contact name and phone number
An explanation explicitly stating what needs to be done with the account
Properly recorded public records such as:
Certified satisfaction of judgment from the court
Certified tax lien release from the IRS
Certified bankruptcy discharge papers from the court
Any other legal documents that may support the borrower's claim
Other written correspondence with contact name

Examples of documents we will not accept:

Canceled checks
Receipts for money orders
Account Statements
Hand-written letters
Third party documentation
Equifax will not accept documents from MBNA or Providian for Rapid Rescore.