If you have errors or problems on your credit report, using a rapid rescore could potentially help you fix the problems. Here are the basics of rapid rescore and how it works.
There are a number of different companies out there that can perform a rapid rescore. These rapid rescore companies work closely with the three major credit bureaus and have good relationships with them. In order to get access to a rapid rescore, you are going to have to go through a mortgage lender in most cases. They are not usually available to the general public. These companies are going to work with the credit bureaus to get items on your credit report fixed quickly.
If you are trying to shop for a mortgage or another type of loan, you are going to understand the importance of having the highest credit score possible. Even a slight difference in credit scores can mean thousands of extra dollars in interest. Therefore, if you are in the process of trying to get a mortgage, you need all of the help that you can get to get a high credit score. If you have looked at your credit report and you can identify some problems, then using a rapid rescore service could make a lot of sense. If you can increase your credit score, you are going to be able to get a lower monthly payment on your loan and save thousands of dollars over the course of the loan.
When you work with a rapid rescoring company, they will want to know how much you need to improve your score by. At that point they will review your credit file and see if there is anything that they can fix for you. For example, you might tell them that you need another 50 points on your credit report. They will then try to make the necessary changes to your credit report.
Typically, the service is going to be very affordable. In most cases, you are going to pay somewhere between $50 and $100 for each item that they are going to fix. When you compare this to the savings that you are going to get from the interest rate, it is most likely going to be well worth your time and money.
Working with Them
When you are working with a rapid rescore company, you will want to make sure that you accommodate them in any way that you can. Many times, they will ask you for additional information in order to help them fix your credit report. You might be required to find some type of documentation and e-mail it to them in order for them to complete the process.
These companies are typically very good at what they do. Once you get them the appropriate information, they will typically have the problem fixed within 1 to 3 days. By comparison, if you tried to fix the problem yourself with the credit bureaus, it could take three months.