Houston Credit Repair Coach Talks About Rapid Rescoring
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.
I always recommend implementing a strategy to solve the problems with your credit score at least six months before applying for a home loan but I understand that reality does not always go according to plan. It may still be a good idea to ask for a rapid rescore if you are wanting to make a loan application with a month.
What Rapid Rescoring can and cannot accomplish:
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. These services make no promises:
Remember, sometimes removing some negative items from your credit report can cause your credit score to drop! So they cant make promises.
3. They cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
Proof of an error is necessary. If the credit bureaus have already reviewed your dispute then it will not be included.
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.
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.
Hope this helped anyone.
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.
I always recommend implementing a strategy to solve the problems with your credit score at least six months before applying for a home loan but I understand that reality does not always go according to plan. It may still be a good idea to ask for a rapid rescore if you are wanting to make a loan application with a month.
What Rapid Rescoring can and cannot accomplish:
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. These services make no promises:
Remember, sometimes removing some negative items from your credit report can cause your credit score to drop! So they cant make promises.
3. They cannot delete legitimate derogatory marks but rapid rescoring services can try to remove some errors:
Proof of an error is necessary. If the credit bureaus have already reviewed your dispute then it will not be included.
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.
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.
Hope this helped anyone.
About the Author:
Home Buddies is a Houston Credit Repair Coach for business and investors in real estate. Home Buddies' Credit Coaching Program takes 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
9:57 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home