Fast credit fix: Rapid Rescoring

Fast credit fix

The Borrower (Photo credit: Wikipedia)

Fast Credit Fix: Rapid Rescoring

Rapid Rescoring is just what it sounds like.  It is a system available only to mortgage brokers and lenders by which negative information on your credit reports can be removed and/or updated within 2-3 days  by presenting proof of accurate more recent information. This fast credit fix can save the deal.

Cost for Rapid Rescoring is minimal

The cost for rapid rescoring minimal-$25-30 per account.  The consumer doesn’t have to pay.  The lender is not allowed to charge the borrower for disputing accurate information.  This is technically an “expedited dispute process.”  The form that the broker uses to initiate this process specifically prohibits them from passing on the cost.  If they tell you otherwise don’t believe them.

Proof must be Beyond Reproach for Fast Credit Fix

IRS letters, court documents and other incontrovertible forms of proof are required to use this process.  Frequently the borrower’s credit score can be improved quickly by paying down credit card debt to improve the important debt to available credit ratio.  When this is done through the normal process it may take as much as 2 months to show up on the borrower’s credit score.  Your mortgage lender can submit proof that it is paid down ahead of time if they are on the ball.  They can tell you how much this will improve your credit score quite accurately with a “what if” calculator they have at their disposal.  If your lender is not up to date on these techniques have them visit or call 800-445-4922.

Fast Credit Fix on Your Own

The best credit score improvements are made through long term planning and proper allotment of your resources.  What if your credit score is not there yet and the deal of a lifetime is about to slip through your fingers?  The best shot of a quick rise in credit score for most people is paying down credit card debt drastically.  This is where you have the most control over 30 per cent of the total components of your credit score.  Installment debt like credit cards is counted most heavily in the critical debt to available credit ratio of your score.  Once the monthly statement reflects the lower balance it will be reported to the credit reporting agencies and affect your score immediately.  Each month is its own  “snapshot” when it comes to debt to available credit ratio.  Past high ratios don’t count for the score itself.  Your longer term 2 year credit history may show that you have made a sudden change in your payment behavior.  This is referred to as “trended data.” Trended data can be counted against you by your lender even though it doesn’t affect your FICO score.

Another possibility for a fast credit fix on your own is to arrange to “piggyback” as an authorized user on a well aged and paid down credit account of a close friend or relative.  This will reflect on your score as soon as it is reported to the credit reporting agencies.  If this particular form of fast credit fix is used for a real estate transaction the bank may have some qualms.  The tri-merge credit reports used for real estate mortgages invite bankers to look beyond the FICO number into the actual components that make up the score.  The brand new authorized user account will stand out.  Long term thinking beats a fast credit fix anytime.

 fast credit fix: rapid rescoring can save you points to get that great mortgage rate.


Enhanced by Zemanta
The following two tabs change content below.
After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

Latest posts by Edward St. Onge (see all)

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>