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:
You can't 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:
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 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. - 16036
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:
You can't 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:
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 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. - 16036
About the Author:
Home Buddies gives seminars on investor credit repair in Houston TX. Beginning with a free session for website visitors, Home Buddies develops and implements a custom strategy to boost credit and creates a business development strategy to help investors or homeowners overcome problems to financing real estate and growing a portfolio.
