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 problem is that YOU cannot access them. They can only be accessed by mortgage banks which means you have to ask your loan officer to run a rapid credit rescoring. The rescoring companies also charge a fee so be sure your committed.
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.
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. These services make no promises:
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. Proof is a must
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.
Here is a good example of what you should (or could) use rapid rescoring for. Let's say you have a high balance on a credit card which is harming your score and your ability to get a lower mortgage rate. If you pay down the card electronically now and have a rapid rescorer get your score recalculated within 3 days instead of waiting to get a score boost for it a month later.
Good luck.
The problem is that YOU cannot access them. They can only be accessed by mortgage banks which means you have to ask your loan officer to run a rapid credit rescoring. The rescoring companies also charge a fee so be sure your committed.
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.
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. These services make no promises:
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. Proof is a must
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.
Here is a good example of what you should (or could) use rapid rescoring for. Let's say you have a high balance on a credit card which is harming your score and your ability to get a lower mortgage rate. If you pay down the card electronically now and have a rapid rescorer get your score recalculated within 3 days instead of waiting to get a score boost for it a month later.
Good luck.
About the Author:
Home Buddies is a Houston credit repair coach for real estate investors. 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.
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