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| Houston Credit Repair Coach Talks About Rapid Rescoring |
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| Written by Cliff Pape |
| Tuesday, 27 January 2009 10:21 |
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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 its 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 cannot do for you: 1. They cannot deal with you directly as a consumer: You cant 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. 2. There is no guarantee; nor can they suggest there is one: 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. Prove it 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. Good luck. 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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