Houston Credit Repair Coach Talks About Rapid Rescoring
Are you worried about qualifying for a loan or just paying too much interest due to inaccuracies on your credit report? There are companies that specialize in rapid credit rescoring which will give you a recalculated score in a couple days. These companies have special relationships with the 3 big credit 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.
Some people suggest that if you are one of those people who has a credit score that is less than 680, then you may want to try for a rapid rescore if you plan to apply for a mortgage within a month. But its still better to try and fix the problems at least six months before you even apply for a mortgage loan.
There are things Rapid Rescoring can accomplish for you and things it can't:
1. You can't communicate with a rapid credit rescoring service:
This service is usually done by smaller credit reporting agencies. They are the liaisons between the bureaus and the banks and they don't have the ability to work with consumers directly.
2. There is no guarantee; nor can they suggest there is one:
This is something I talk to all of my clients about. In some cases, deleting "derogatories" can actually harm your score. This is more than likely not the case for you but it is worth noting.
3. They cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
Proof of an error is necessary. If the credit bureaus have already reviewed your dispute then it will not be included.
4. They can help with errors only if you have proof
The best plan is definitely to repair (or restore, or whatever you want to call it) your credit FIRST because the services require that you have the approved dispute in writing. Otherwise, the usually short turnaround time for a "rapid rescoring" takes much longer - but they may still be able to get the proof for you.
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.
Hope this helped anyone.
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.
Some people suggest that if you are one of those people who has a credit score that is less than 680, then you may want to try for a rapid rescore if you plan to apply for a mortgage within a month. But its still better to try and fix the problems at least six months before you even apply for a mortgage loan.
There are things Rapid Rescoring can accomplish for you and things it can't:
1. You can't communicate with a rapid credit rescoring service:
This service is usually done by smaller credit reporting agencies. They are the liaisons between the bureaus and the banks and they don't have the ability to work with consumers directly.
2. There is no guarantee; nor can they suggest there is one:
This is something I talk to all of my clients about. In some cases, deleting "derogatories" can actually harm your score. This is more than likely not the case for you but it is worth noting.
3. They cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
Proof of an error is necessary. If the credit bureaus have already reviewed your dispute then it will not be included.
4. They can help with errors only if you have proof
The best plan is definitely to repair (or restore, or whatever you want to call it) your credit FIRST because the services require that you have the approved dispute in writing. Otherwise, the usually short turnaround time for a "rapid rescoring" takes much longer - but they may still be able to get the proof for you.
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.
Hope this helped anyone.
About the Author:
Home Buddies is a real estate business 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
9:39 AM
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