Rapid Credit Rescoring - What it Can and Cannot Do For Your Score
Too many people have been losing loans or just paying too much interest because of some inaccurate information that has been reported by the credit bureau on their credit report. You may be able to get your credit score recalculated in a few days by a company who specializes in rapid credit rescoring and who has a special relationship with the three major credit reporting agencies.
The rapid rescoring company can only be accessed by mortgage lenders and brokers and not by the general public. This means that if you want to have your credit report rapidly rescored you must ask your loan officer or mortgage broker to do it for you. Those rescoring companies usually charge a fixed fee for each item they fix.
It is always better to repair the credit issues several (six) months prior to applying for a loan. If your score is under 680, experts still say that you might want to shoot for a rapid rescore if you are intending to apply for a loan within one month.
What Rapid Rescoring can and cannot accomplish:
1. They cannot deal with you directly as a consumer:
You cant use this service yourself directly. Rapid rescoring of your credit is usually offered by a small credit reporting agency. This type of company is just the middleman between the credit bureaus and some loan officers and mortgage brokers.
2. There is no guarantee; nor can they suggest there is one:
Home Buddies has written a couple articles on this topic. If you have a short credit history, removing any item, including bad ones, from your report can lower your score. Having some significant credit history is a big part of the mix.
3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:
A rapid rescorer can't get negative items, such as late payment remarks, or items that are in dispute removed. You have to have some proof that a mistake was made. You cant just say it. If the credit bureau has already investigated your complaint concerning a particular error, then usually that item cannot be included in a rapid rescoring process.
4. Prove it
Rapid rescoring is not supposed to help those people who havent repaired their credit yet. This service requires that you have something in writing from the creditor in which they acknowledge that your account had been reported as late, when in fact you were on time. If you dont have your particular proof, but the creditor has acknowledged the error anyway, then some rapid rescorers can get the proof for you. But this may add some days or weeks to the normal quick process.
A rapid rescorer can only improve your credit score if the creditor admits to a mistake or agrees to remove specific information. For example, you might owe a big balance on a credit card that is negatively affecting your ability to get a lower mortgage interest rate. You can pay off the credit card electronically today and have a rapid rescorer get your credit score recalculated within 72 hours instead of waiting for your payment to show up on your credit report a month later.
Good luck.
The rapid rescoring company can only be accessed by mortgage lenders and brokers and not by the general public. This means that if you want to have your credit report rapidly rescored you must ask your loan officer or mortgage broker to do it for you. Those rescoring companies usually charge a fixed fee for each item they fix.
It is always better to repair the credit issues several (six) months prior to applying for a loan. If your score is under 680, experts still say that you might want to shoot for a rapid rescore if you are intending to apply for a loan within one month.
What Rapid Rescoring can and cannot accomplish:
1. They cannot deal with you directly as a consumer:
You cant use this service yourself directly. Rapid rescoring of your credit is usually offered by a small credit reporting agency. This type of company is just the middleman between the credit bureaus and some loan officers and mortgage brokers.
2. There is no guarantee; nor can they suggest there is one:
Home Buddies has written a couple articles on this topic. If you have a short credit history, removing any item, including bad ones, from your report can lower your score. Having some significant credit history is a big part of the mix.
3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:
A rapid rescorer can't get negative items, such as late payment remarks, or items that are in dispute removed. You have to have some proof that a mistake was made. You cant just say it. If the credit bureau has already investigated your complaint concerning a particular error, then usually that item cannot be included in a rapid rescoring process.
4. Prove it
Rapid rescoring is not supposed to help those people who havent repaired their credit yet. This service requires that you have something in writing from the creditor in which they acknowledge that your account had been reported as late, when in fact you were on time. If you dont have your particular proof, but the creditor has acknowledged the error anyway, then some rapid rescorers can get the proof for you. But this may add some days or weeks to the normal quick process.
A rapid rescorer can only improve your credit score if the creditor admits to a mistake or agrees to remove specific information. For example, you might owe a big balance on a credit card that is negatively affecting your ability to get a lower mortgage interest rate. You can pay off the credit card electronically today and have a rapid rescorer get your credit score recalculated within 72 hours instead of waiting for your payment to show up on your credit report a month later.
Good luck.
About the Author:
Home Buddies is a real estate investor credit repair coach. Home Buddies develops and implements a customized strategy to restore credit and creates a business development strategy to help them overcome obstacles to financing properties and growing their portfolio.
posted by Debt Consolidation Loan at
6:50 PM
1 Comments:
Hey, Nice blog. Things may change in our daily life regularly And money is the thing which plays a major and crucial role in our daily lives, I believe some times most of the people look up for these loans based on their situations, Most of the people look after these debt management services as both of them are important before going for a loan.
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