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.
Unfortunately, it sounds too good to be true because there is a plot twist. You cannot access them - only your mortgage broker can. You are welcome, of course, to ask them to run a rapid credit rescoring but be sure that you are seriously considering getting a loan with that broker because these companies charge a fee for their services.
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:
Reporting agencies are the middlemen between the bureaus and lenders and the smaller ones offer the rapid rescoring. And since they are relatively small, they don't have the capacity for handling direct communication with the public.
2. They cannot make a promise to help your score:
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 cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
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. 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.
Unfortunately, it sounds too good to be true because there is a plot twist. You cannot access them - only your mortgage broker can. You are welcome, of course, to ask them to run a rapid credit rescoring but be sure that you are seriously considering getting a loan with that broker because these companies charge a fee for their services.
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:
Reporting agencies are the middlemen between the bureaus and lenders and the smaller ones offer the rapid rescoring. And since they are relatively small, they don't have the capacity for handling direct communication with the public.
2. They cannot make a promise to help your score:
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 cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
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. 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 Houston Credit Repair Coach for business and investors in real estate. Home Buddies coaches clients through the process of restoring credit and builds a custom Business Development Strategy to overcome the obstacles to financing properties and growing a portfolio.
posted by Debt Consolidation Loan at
12:54 PM
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