Rapid Rescoring: How To Rapidly Rescore Your Credit

[playahaitian]

Just heard about this ...

any of the money men on the board can co-sign this....

3 Tips to Getting the Most Out of Rapid Rescoring

http://www.finweb.com/banking-credit/3-tips-to-getting-the-most-out-of-rapid-rescoring.html

Rapid rescoring is a relatively new technique that many people are using to quickly rescore their credit file. This practice can be beneficial in a number of different situations. Here are a few tips on getting the most out of rapid rescoring.

1. Choose a Reputable Company

When you are considering utilizing a rapid rescoring service, you will want to make sure that you choose a reputable company to work with. There are many companies out there that advertise that they can fix your credit in 24 hours. Many of these companies are not legitimate and they will only end up taking your money. Before you choose a company to work with, you need to do your homework and find out if they are a legitimate rapid rescoring company. Check with the Better Business Bureau and online review websites in order to determine whether this company is a good one.

2. Decide What You Want to Accomplish

You should not utilize a rapid rescoring company randomly. You need to come up with the reason that you want to use a rapid rescoring company. Decide how much you want to increase your credit score by. For example, if you are planning on getting a mortgage in the near future, you might want to take the necessary steps to increase your credit score. This can significantly decrease the amount of interest that you will pay over the course of the loan. When you talk with a credit rescoring company for the first time, they will most likely ask you what you want to accomplish. Before looking at your credit report, they will want to know how much you need to increase your credit score by. Spend some time thinking about what you would like to accomplish with this service before you contact a company.

3. Help Them Out

When going through the process of a rapid rescore, the company is going to look over your credit report for any possible errors or omissions. When they find something, they will spring into action in order to get the error corrected as quickly as possible. In many cases, they will be able to correct the error within 2 to 3 days. In order to correct these errors, the credit rescoring company is most likely going to ask for your help. They will need some type of documentation that proves that there is an error. If they need something, they are going to contact you and ask you to send documentation quickly. If you want to speed up the process as much is possible, get the documents that they need and e-mail them or fax them on the same day. They will then be able to get the documents in a timely manner and process them. They will need to be able to send the documents to the credit bureaus and get the error fixed so that your score will be improved.

 

[playahaitian]

How To Rapidly Rescore Your Credit

November 4, 2010 11:33 PM

Reporting Kristine Johnson

NEW YORK (CBS 2) – When Deborah Davenport found the home of her dreams, she ran into a problem that many Americans face everyday: a low credit rating.

Without the credit to back her up, she was dealing with an uphill battle and potentially could have lost the house to another buyer.

“I was looking for the best rate I could get on a mortgage,” she told CBS 2′s Kristine Johnson.

Luckily for Davenport, a credit expert suggested something called a “rapid rescore,” a shortcut process to improve your credit rating within a hurry.

“Rapid rescore is essentially an unscheduled update to the information on your credit report,” said John Ulzheimer of Credit.com.

Here’s how it works: consumers pay a company specializing in rapid rescoring to calculate where your credit rating needs to be to get what you want. It could be a lease on a new car, an approval on an apartment rental, or in Davenport’s case, a loan on a new house.

By calculating how far consumers need to go, the companies then tell you exactly what you need to do to secure a better score.

Davenport had to pay off a $500 balance on a credit card that had a limit of just $700. Having such a high balance on a card with such a low limit was throwing her debt to credit ratio off.

“So by paying that $500 and now putting the card to a zero balance, it lowered my ratios,” Davenport said.

And it happens immediately. Normally, it would take the credit card company up to 45 days to report that payment to the credit agencies, but that’s where the rapid in “rapid rescore” kicks in.

“So if you pay off a credit card or pay off a collection, for example, then through the process of rapid updating they can have that information reflected within 24 to 72 hours,” Ulzheimer said.

Financial experts said the rapid rescore can make all the difference.

“It can take someone who can’t qualify right now and get them to that credit score level where they do qualify for a mortgage, or it might get them to the level where they qualify for a better interest rate,” Wayne Sanford, of the New Start Financial Corp., said.

However, consumer advocates warn that not all rescore agencies are legitimate. The process can also be costly at a minimum of $90, and it doesn’t always work for everyone.

Davenport was lucky. Her rapid rescoring helped her land a low interest mortgage and so much more.

“I’m able to get better rates on other cards and other types of loans, even my car loan recently, I was able to get a very low rate because the score, my credit score, is higher than it would have been,” Davenport said.

True rapid rescoring is only available through a lender or broker, so watch out for companies that market directly to consumers.

http://newyork.cbslocal.com/2010/11/04/how-to-rapidly-rescore-your-credit/

 

[daazzmaster]

If you pay off a credit card you can actually fax proof to the credit bureaus and they will update it within 3 days. I have done it before when I was trying to buy a car.