Houston Credit Repair Coach Talks About Rapid Rescoring

January 9th, 2009

by Cliff Pape

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.

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.

What Rapid Rescoring can and cannot accomplish:

1. You can’t communicate with a rapid credit rescoring service:

Reporting agencies are the middlemen between the bureaus and lenders and the smaller ones offer the rapid rescoring. And since they are relatively small, they don’t have the capacity for handling direct communication with the public.

2. There is no guarantee; nor can they suggest there is one:

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:

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 cant 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.

4. They can help with errors only if you have proof

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.

Best of 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.

Tags: business credit repair, Credit, houston credit repair, investor credit repair, real estate investor credit repair
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Houston Credit Repair Coach Talks About Rapid Rescoring

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