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. They are not able to work with YOU:
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:
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
This service is intended for people who have already repaired their credit. You must have it in writing from your creditor addressing the mistake. If they have acknowledged it but you don't have the paperwork, some rapid credit rescoring services can get it but the service is not as "rapid".
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.
Best of 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.
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. They are not able to work with YOU:
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:
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
This service is intended for people who have already repaired their credit. You must have it in writing from your creditor addressing the mistake. If they have acknowledged it but you don't have the paperwork, some rapid credit rescoring services can get it but the service is not as "rapid".
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.
Best of Luck.
About the Author:
Home Buddies is a real estate investor credit repair coach. Home Buddies coaches clients through the process of restoring credit and creates a business development strategy to help them overcome obstacles to financing properties and growing their portfolio.
posted by Credit Counseling at
5:40 AM
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