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When do we need credit supplement?
What is credit supplement for? and when does a client need to do a credit supplement?
A credit supplement is needed for various reason and the main reason for a credit supplement to be done is to expedite the reporting of information to the credit bureaus. For example, if a mortgage borrower needs to pay off certain debts in order to qualify for debt to income ratio requirements and needs to pay off certain balances off to eliminate the minimum monthly payments, once they pay off the balance, it takes time for their updated credit information to be updated on the credit report. By doing a credit supplement, the mortgage lender needs the updated proof and will use a credit vendor for them to notify the three credit reporting agencies to update the new credit file. It takes three to five business days to do a credit supplement and have the updated information on the credit reporting agencies. This is also called Rapid Rescores:



Attached is a blog I just wrote and published this morning on credit supplement.



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