The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 28th, 2017

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Rapid Rescoring 

RAPID RESCOREYou’ve probably come across claims made by certain companies that they can fix your credit in 24 hours.  Most of those claims are fraudulent, but you can get your credit score recalculated in a few days by any one of the 200 companies who specialize in rapid credit rescoring and who have special relationships with the three major credit reporting agencies — Equifax, Experian and TransUnion. 

In addition, these rapid rescoring companies can only be accessed by mortgage lenders and not by the general public. The cost is modest, around $25 to $50 for each item they fix and is certainly worth paying since an improved credit score can result in reducing the monthly mortgage payment significantly. 

To illustrate how rapid rescoring can make a difference — suppose you have been a victim of identity theft and there is a credit card account you didn’t open appearing on your credit report showing as a default account.  Normally, it would take at least a month (but more realistically, two or three months or longer) to clear this matter up and get the item removed from your credit report.  However, in the meantime, this negative item on the credit report has lowered your credit score to 650, which means you will be approved for a mortgage loan, but at an interest rate of 5% instead of the 4% rate being offered to those with credit scores above 720.

As a result, the monthly mortgage payment is going to be much higher than it would be if that negative item wasn’t on the credit reports.  Contact a rapid rescoring company  and have the credit card account removed from your credit report and  your credit score recalculated.  Three days later, the credit score is now above 720 and you qualify for a mortgage loan for the 4% rate, saving you from paying additional interest over the loan term. 

Who should use rapid rescoring?  Those with FICO credit scores below 640 should check in to rapid rescoring if planning to apply for a mortgage loan in the next month. Rescorer can’t get negative items, such as late payment notations, or items that are in dispute removed. A rapid rescore cannot improve your credit score if your problem is too much debt that you can’t pay off today.  A rapid rescore 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 rescore get your credit score recalculated within 72 hours rather than waiting for your payment to show up on your credit report a month later. 

Rapid rescorer requires evidence to complete the rescoring process.  For example, a creditor might have sent you a letter admitting that an account being reported as yours really isn’t and they intend to remove it from your credit history.  Or, a creditor might admit that an account was fraudulently opened in your clients name by a thief and has agreed to remove it from the credit report.    Although a rapid rescoring company usually requires that you provide proof, some might contact the creditor directly and obtain the proof for you.

It is also important to note that a rapid rescore can’t fix all problems within 72 hours as they often claim in their advertising.  Sometimes it might take them a week or two, but in any event, it is always more rapid than fixing credit report errors the traditional way -on-line; by mail, waiting a month or two for changes to occur in one’s credit report before a new, improved credit score can be calculated. 

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