The Credit Bureau Update (CBU) program enables CDS to update many
types of consumer credit information with the national bureaus in 3 to 5 business days.
CDS will forward documents, supplied by your borrower, directly to Equifax, TransUnion and Experian, for a rush investigation and update of items reporting incorrectly on their credit report.
What types of credit information can be updated?
A CBU 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 CBU 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.
Documents pertaining to collection accounts must be from the collection agency listed on the credit report, not the original credit grantor. We cannot accept handwritten letters, originals or copies of cancelled checks, or money orders. The bureau has the final determination on acceptability of all documents.
How does the CBU program work?
Your CBU request must be faxed, using a CDS CBU fax cover sheet, and include the appropriate documentation. A CDS representative will verify the document then forward it to the requested bureaus. Each bureau will verify the document then notify CDS that their update has been completed. Once all requested bureaus have notified CDS, we will: a) where a credit report is less than thirty (30) days old, re-pull the borrowers credit report and download it into your mailbox, or b)where the credit report is more than 30 days old, notify you so that you may re-pull.
Occasionally, a bureau may not accept the documentation. You will be notified as soon as the bureau advises us. In that case, the consumer will need to follow the standard thirty (30) day dispute procedure with each bureau.
How long does it take and what does it cost?
Though we are unable to guarantee a completion date, the turn-around time will typically be 2 to 5 business days from the
time CDS receives your request. If the bureau rejects the documents you will be promptly notified. NOTE: WE ARE NOT
PERMITTED TO CALL THE BUREAUS FOR A COMPLETION TIME.
Pricing: $35.00 per trade update, per borrower, per repository.
IMPORTANT: UPDATING CREDIT BUREAU INFORMATION WILL NOT GUARANTEE AN INCREASE IN THE CONSUMER'S RISK SCORE. IT IS POSSIBLE THAT THE SCORE MAY DECREASE OR STAY THE SAME. A CBU IS DEPENDENT ON MANY CIRCUMSTANCES BEYOND CDS' CONTROL. AS A RESULT, WE CANNOT GUARANTEE SERVICE ON EVERY CBU REQUEST. EACH BUREAU HAS THE FINAL DETERMINATION.