Credit Rescoring 

The ScorePlus program enables Credit Plus, the credit bureau we pull your credit report through, to update many types of consumer credit information with the three national repositories of consumer credit information. Credit Plus will forward documents, supplied by you, directly to Equifax, TransUnion and Experian, for a rush investigation and update of items reporting incorrectly on your credit report.

Before we implement ScorePlus, we determine how much your score may increase and whether or not the higher score will benefit you. Although the computer models utilized to determine how much your score may increase can not be guaranteed, the success rate has been satisfactory and the results have helped many borrowers.

How does the Score Plus program work?

Once we determine that the ScorePlus will benefit you, it's up to you to provide us with the appropriate documentation. A Credit Plus representative will verify the documentation then forward it to the requested bureaus. Each bureau will verify the documentation then notify Credit Plus that their update has been completed. Once all requested bureaus have notified Credit Plus, they will notify us and we will re-pull the new credit report that reflects the updates and new credit score.

Occasionally, a bureau may not accept the documentation. In that case, the consumer will need to follow the standard thirty (30) day dispute procedure with each bureau.

How long does it take?

Though we are unable to guarantee a completion date, the turn-around time will typically be 3 to 5 business days from the time Credit Plus receives your request. If the bureau rejects the documents you will be promptly notified.

What types of credit information can be updated?

Credit Plus requires a verifiable document from the creditor and can be used to:

• Remove derogatory information and accounts that were reported in error
• Update an account that has been paid in full and closed
• Update the status of a collection
• Update a balance or paid-in-full status
• Update an account to show it included in a bankruptcy

What documentation is required?

For the bureau to accept Credit Plus requests, all documents MUST be typed on letterhead, from the creditor reporting the account. It should state specifically how the information should be changed and include the date, complete account number and name and phone number of the creditor contact.

Types of documentation the credit repositories WILL NOT accept are:

• Universal Data Verification Forms
• In- store payment receipts [like from the register in Sears or such]
• Letters without a telephone number or date [for audit purposes]
• Divorce Decrees
• Documentation without matching account numbers
• Documents over 30 days old [other than court documents]
• Cancelled Checks
• Bank Statements
• Payment histories
• Western Union or other wire transfer receipts
• Money orders
• Cashiers check copies
• Hand written letters from ANY source, buyer OR grantor
• HUD sheets/settlement sheets
• In addition, documents from original grantors for debts listed by agencies are frequently rejected by the repositories.

  Example: A bill for Dr. Jones listed by Delmarva Collections. Proof MUST come from Delmarva Coll.
  Example: A judgement filed by Tiny Tot Pre school. Proof of satisfaction of judgement must come from the court

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Benefit Funding Corporation - 1302 Cronson Blvd., Suite A - Crofton, MD 21114
Office Phone: (301) 858-9300x232 Fax: (301) 858-0845 Evenings/Wkends: (301) 655-7900
Toll Free Phone: (888) 467-0200x232
E-Mail: ahossick@benefitfunding.com

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