Rapid Rescoring: More than a quick fix for credit errors

Rapid Rescoring: More than a quick fix for credit errors

A high credit score has the power to move mountains. A high score gives you the opportunity to notonly get a mortgage, but also to get a good interest rate. In fact, banks will be contesting for yourloan.But the system is flawed and there are errors.

Roughly eight out of ten consumers have at least onemistake on their credit report.We are constantly reminded by the Better Business Bureau, various consumer agencies and thegovernment to order a copy of our credit report. We are advised to look for mistakes and anyinaccuracies. When we find them we are to contact Experian, Equifax and TransUnion and ask themto correct these errors . But the news and pleas fall on deaf ears . We wait until we are applying forcredit. Some of us order a report a week or two before sitting down with our lender. Others blindly letthe lender pull the report, and we anxiously await the news.

If there are errors you can still get the loan . However the interest rate will be higher. For a big ticket item like a house, the higher rate can mean $100 or more each month in mortgage payments.To repair your credit report you have two roads to choose from . You can do it yourself and write letters to the three credit reporting companies, or you can hire a company to do rapid rescoring.

Bad credit is bad credit, and nothing can change that in the short term. Rapid rescoring can have the changes reflected on your credit report in a matter of weeks rather than months.

An additional feature of rapid rescoring is advice and guidance the expert will give you. If you have several credit cards with outstanding balances, and limited funds,you need to know which cards to pay off or pay down. For example, a $500 payment on adepartment store card might add 25 points to your score. Whereas, the same $500 paymenttowards a Visa might add 50 points. Optimizing your cash flow is the name of the game.

Companies that specialize in rapid rescoring charge a fee for their services. If you have time youcan do most of the work yourself. But if you are closing on a house in 3 weeks and thedebt-to-income ratio, or other ratios just aren't fitting the mold, you should turn to the professionals.They do this type of work every day and they have built a working relationship with the banks andcredit reporting agencies.

About the Author

Patrick Morris is an expert in the area of mortgages.

Read more about refinancing at his website : http://www.houserefinancecenter.com

POST COMMENT

Colorburst's Overdrive RIP Software Use Interior Design Software To Get Amazing Interior Design Results 4 Things To Keep In Mind When Choosing Article Submission Software Mobile Telephone Undercover agent Software - Where Can I Obtain a Just right Phone Spying Software? Mobile phone Undercover agent software? Learn To Sing Software - The Benefits And Drawbacks Of Using It Choosing The Right Web Conference Software Service Most suggested cell phone spy software for you Ways to Use Link-Building Software - and Succeed! Cbt Development India,wbt Development India,web Development India,software Development India,outsour Keylogging Software - Can It Reveal The Signs Of Infidelity? program Error Occurred And Pst Recovery How Offshore Software Development Would Be Beneficial?