Home Buddies - Houston Credit Repair Coach on 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 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.
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.
Please be aware of what a rapid rescoring service can and cannot do for you:
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:
Remember, sometimes removing some negative items from your credit report can cause your credit score to drop! So they cant make promises.
3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:
They can only work on items (derogatory marks) that have not been reviewed by the credit bureaus. You must be able to prove that an error was made.
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. - 16931
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.
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.
Please be aware of what a rapid rescoring service can and cannot do for you:
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:
Remember, sometimes removing some negative items from your credit report can cause your credit score to drop! So they cant make promises.
3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:
They can only work on items (derogatory marks) that have not been reviewed by the credit bureaus. You must be able to prove that an error was made.
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. - 16931
About the Author:
Home Buddies is a real estate investor credit repair coach. Home Buddies coaches clients through the process of restoring credit and helps them overcome obstacles to financing properties and growing their portfolio.
posted by Edgar at
03:19
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