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Change your credit score with Rapid Rescoring

Mon, 22nd December, 2008

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 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 it’s still better to try and fix the problems at least six months before you even apply for a mortgage loan.

Please be aware of what a rapid rescoring service can and can’t do for you:

They cannot deal with you directly as a consumer – 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.

They cannot make a promise to help your score – Remember, sometimes removing some negative items from your credit report can cause your credit score to drop! So they can’t make promises.

They can try to help you get some errors fixed, but they can’t 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 can’t 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.

They can help with errors only if you have proof – Rapid rescoring is not supposed to help those people who haven’t 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 don’t 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.

Here’s a general idea of how the Rapid Rescoring process works:

Usually your loan officer gets the proof from you of what particular mistake is on your credit report, and he submits that proof to the credit agency that provides a rapid rescoring service.

Those rescorers send the proof to a special department at the credit bureaus, and that department contacts the creditors electronically. If that creditor agrees that a mistake was made, then the bureaus quickly update your credit report and then your credit score can be recalculated.

For every account that did get corrected, there usually is a fee charged. You should ask about this fee ahead of time. The fee can be up to $100 per account fixed. Sometimes there are no fees charged because it can be part of a special package of services. Check with your loan officer or mortgage broker.

And that’s all there is to it. What if you’re not in the market for a mortgage loan? Or what if you don’t qualify for rapid rescoring? Then you will certainly need to be sure to contact a reputable and experienced credit coaching consultant. Just because you may have some bad credit, doesn’t mean you have to be stuck with it for 7 years.

Good luck.

Barbara Partaka
Home Buddies

Credit Advice, Featured Articles

sedax said,

December 25, 2008 @ 11:11 am

What a nice theme
:)

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