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.
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.
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.
Please be aware of what a rapid rescoring service can and cannot do for you:
1. They cannot deal with you directly as a consumer:
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. These services make no promises:
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 cant perform magic and they cannot delete legitimate items:
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.
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.
Good luck. - 15224
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.
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.
Please be aware of what a rapid rescoring service can and cannot do for you:
1. They cannot deal with you directly as a consumer:
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. These services make no promises:
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 cant perform magic and they cannot delete legitimate items:
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.
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.
Good luck. - 15224
About the Author:
Home Buddies is a Houston credit repair coach for business and investors in real estate. Home Buddies develops and implements a customized strategy to restore credit and creates a business development strategy to help them overcome obstacles to financing properties and growing their portfolio.
