by: Michael Saunders
Rapid rescoring services came about because too many people were losing loans or paying too much interest because of credit bureau inaccuracies. Before you get excited, though, you should learn what these services can and can't do:
1. They can't deal with you directly as a consumer - Rapid rescoring is typically offered by small credit reporting agencies, which serve as a kind of middleman between the bureaus and the lending professionals. These agencies, which are often independent but which might be subsidiaries of credit bureaus, provide special services for loan officers and mortgage brokers such as merged or "3-in-l" credit reports. To benefit from rapid rescoring, you need to be working with a loan officer or mortgage broker who subscribes to an agency that offers the service.
2. They can help you only if you have proof, or if proof can be obtained - Rapid rescoring services aren't designed to help people who have yet to start the credit repair process. You need something in writing, such as a letter from the creditor acknowledging that your account was reported as late when you were in fact on time. (This is one of the reasons that it's so important to get everything in writing when you're trying to fix your credit.) If you don't have such proof, but the creditor has acknowledged the error, some rapid rescorers can get the proof for you. However, that might add days or weeks to the process. (continued...)
Rapid Rescoring Services and How Can They Can Help Your Credit?
About The Author
“I think, by 2018, there’s an opportunity for New Orleans to be viewed around the country, around the world, as a hub of entrepreneurship for the South,” says Tim Williamson, the CEO and cofounder of incubator The Idea Village, referring to the year the city will celebrate its 300th anniversary.