Posted on: 16th Apr, 2007 02:46 pm
what is rapid rescoring? someone said it used for improve score and can it help really?
It is for anybody whose score has gone down because of wrong information on credit file or for other incorrect use of their credit lines.
If you are applying for mortgage to buy your home and you find credit score is low than lender/broker requires it to be for qualifying then you can work with your loan officer or broker to have your credit file corrected within 48 to 72 hrs.
You as a general public do not have access to this facility and only mortgage lending clients are provided this facility by rapid rescoring companies where brokers or loan officers can get your file corrected and re-scored within a short period of time.
If you are applying for mortgage to buy your home and you find credit score is low than lender/broker requires it to be for qualifying then you can work with your loan officer or broker to have your credit file corrected within 48 to 72 hrs.
You as a general public do not have access to this facility and only mortgage lending clients are provided this facility by rapid rescoring companies where brokers or loan officers can get your file corrected and re-scored within a short period of time.
"what is rapid rescoring? and can it help really?"
Sean, rapid rescoring is done by around 200 companies nationwide and is useful in only certain situations.
If the error is because of identity theft which resulted in fraudulent charges made against your account but such information has not yet been removed from your report by the bureaus then such company can help in removal of such charges. It can also be useful if you have recently paid off a large loan but creditor hasn't yet marked the account as paid in full.
This process can only be helpful when there is a problem in your report which is not because of any fault of your own. And if you have debts, accounts in collection not yet paid or delinquencies, rapid rescoring company won't be able to help in removing them.
Miller
Sean, rapid rescoring is done by around 200 companies nationwide and is useful in only certain situations.
If the error is because of identity theft which resulted in fraudulent charges made against your account but such information has not yet been removed from your report by the bureaus then such company can help in removal of such charges. It can also be useful if you have recently paid off a large loan but creditor hasn't yet marked the account as paid in full.
This process can only be helpful when there is a problem in your report which is not because of any fault of your own. And if you have debts, accounts in collection not yet paid or delinquencies, rapid rescoring company won't be able to help in removing them.
Miller
Yes compared to how much it costs the benefits could be higher for someone looking to get qualified for a mortgage as improvement in credit score can help the borrower get lower interest rate and reduce the mortgage payments. It usually costs $50 for fixing each wrong item appearing on the report. But you will need to provide proof that any entry on your report is wrong. You will have to obtain proof from your creditor or sometimes the rescoring company may also contact your creditor and collect it themselves. One example where it will be useful is when you owe quite a large balance on one card which is affecting your chances of qualifying for the mortgage and get a lower interest rate. Here what is possible is that you pay electronically pay off the card balance today and re-scorer will get your score recalculated within 72 hrs. instead of waiting for your payment showing up after a month of your report.
Let me tell you how actually it works.
The credit rescoring companies have special contracts with the bureaus where they are allowed to obtain Universal Data Collection Forms from creditors within 1 or 2 days. Then these companies send these forms directly to the bureaus so that correction can be made immediately to consumer's credit file.
This service can cost lenders $30 per tradeline per bureau for each borrower. But such expenditure can be worth the increase in score, often times of 30-50 points (depending on the nature of error) can be really useful in lowering the interest rate on the mortgage or help qualify. It can help borrower from having to borrow in the sub-prime category and result in saving thousands in interest payment over the life of the mortgage.
David
The credit rescoring companies have special contracts with the bureaus where they are allowed to obtain Universal Data Collection Forms from creditors within 1 or 2 days. Then these companies send these forms directly to the bureaus so that correction can be made immediately to consumer's credit file.
This service can cost lenders $30 per tradeline per bureau for each borrower. But such expenditure can be worth the increase in score, often times of 30-50 points (depending on the nature of error) can be really useful in lowering the interest rate on the mortgage or help qualify. It can help borrower from having to borrow in the sub-prime category and result in saving thousands in interest payment over the life of the mortgage.
David
One should look to avail the rescoring service when in need to improve the credit score immediately like when looking to close on a home or consolidate debts. These services do help fix problems in 72 hours but it may also sometimes take more time than that like week or two.
But it is always faster than wait of couple of months for the changes to complete in report without using such service.
But it is always faster than wait of couple of months for the changes to complete in report without using such service.
Generally for a rapid re scoring to be possible, the borrower will have to get a letter from his creditor which will clearly state that the information relating to his debt is different from what has been reported. It should clearly overrule what has been reported or else a rescore can be difficult to complete.
Hi Sean,
Let me warn you that many companies will offer to directly offer you rapid rescoring of your credit score, which is not possible.
This service is accessible only to lenders and brokers and general public cannot get their scores directly checked by any of these companies. If you receive any such offer then it is a scam.
Thanks
Blue
Let me warn you that many companies will offer to directly offer you rapid rescoring of your credit score, which is not possible.
This service is accessible only to lenders and brokers and general public cannot get their scores directly checked by any of these companies. If you receive any such offer then it is a scam.
Thanks
Blue
Hi
I would like to know if you have any names or company names that do rapid rescores. We would like to go to them to help us get a mortgage loan and better rates. Please help us.
Thanks
I would like to know if you have any names or company names that do rapid rescores. We would like to go to them to help us get a mortgage loan and better rates. Please help us.
Thanks
When you contact a mortgage broker for getting a mortgage, they are the ones who would contact such companies that perform rapid rescoring. You cannot directly approach these companies for such purpose.
Miller
Miller
b3b3gurl,
You can approach rapid-scoring companies directly. One such company is the American Reporting Company. This company is based in Washington and you can get the contact address from their website ("http://www.arcorp.com/contact.html") itself. If I get to know of some other companies providing such facilities, I shall surely let you know.
Good luck.
You can approach rapid-scoring companies directly. One such company is the American Reporting Company. This company is based in Washington and you can get the contact address from their website ("http://www.arcorp.com/contact.html") itself. If I get to know of some other companies providing such facilities, I shall surely let you know.
Good luck.
"b3b3gurl,
You can approach rapid-scoring companies directly. One such company is the American Reporting Company. This company is based in Washington and you can get the contact address from their website ("http://www.arcorp.com/contact.html") itself. If I get to know of some other companies providing such facilities, I shall surely let you know.
Good luck.
"
But Caron, I have read that only brokers or lenders can access such companies and in the site you gave the name, they also are putting it like they do not directly work for borrowers.
"...providing it to the bureaus to quickly increase your borrower's credit scores(arcorp.com/rapid1.html)"
You can approach rapid-scoring companies directly. One such company is the American Reporting Company. This company is based in Washington and you can get the contact address from their website ("http://www.arcorp.com/contact.html") itself. If I get to know of some other companies providing such facilities, I shall surely let you know.
Good luck.
"
But Caron, I have read that only brokers or lenders can access such companies and in the site you gave the name, they also are putting it like they do not directly work for borrowers.
"...providing it to the bureaus to quickly increase your borrower's credit scores(arcorp.com/rapid1.html)"