How does rapid rescore improve your credit?
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How does rapid rescore improve your credit? This is a question that you maybe facing when
its time to apply for a mortgage loan, and your credit report has some
incorrect items being reported. Rapid
Rescore is a process to increase your FICO scores in a short amount of time, by
eliminating false items and then rescore your report, “rapidly.” Some of the things that a Rapid Rescore can
do for you is to correct charge offs and collections. If you bring down the balance of a revolving
line of credit down to 30%, this can be taken into account and help boost your
credit score. Rather than going the
traditional method of disputing items my mail to the credit bureaus, which can
take months, rapid rescoring can show results in about a week.
Where can I get a Rapid Rescore done?
Because a rapid rescore is pricey, it is typically completed by people who can benefit
from a major savings in total loan costs due to qualifying for a better
interest rate from the credit score increase.
A Rapid Rescore for borrowers is usually done through a mortgage banker
or broker. Consulting with a Mortgage
Broker first, can help determine if the cost will justify the end result and be
beneficial in your situation. The
required documentation is handled by the mortgage broker and the customer is
has the responsibility of for supplying the letters and documents to the broker
signifying that certain creditors or the court have been paid.
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