Many people have inaccurate information on their credit reports which can cause a lot of long-term pain and frustration such as not qualifying for a home loan or paying far too much interest if they do qualify. However the time-frame can be dramatically reduced through companies with special relationships with the credit reporting agencies and who specialize in Rapid Credit Rescoring.
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. They cannot make a promise to help your score:
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 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. Proof is a must
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.
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.
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. They cannot make a promise to help your score:
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 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. Proof is a must
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.
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 overcomes the obstacles to financing properties and growing a portfolio.
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