by: Michael Saunders
According to the Federal Trade Commission - you see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.
Do yourself a favor and save some money, too. Don't believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
One approach you might consider is using the services of a Rapid Rescorer.
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.
************************************
Did you know?
If you need to work on your credit report, the FTC warns that no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.
There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA).
************************************
(continued...)
What Are “Rapid Rescoring” Services & How Can They Help My Credit?
Page 2
About The Author Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Credit Repair and another on Increasing Financial Prosperity. |
A Place for Grace, founded by Robin Nash and Mary Vivo, is a social enterprise boutique that will open in Midtown Fort Collins.