A rapid rescore refers to a method for raising your credit score rapidly. The method works through appealing to the major credit bureaus. If you have the means of doing so, the process can sometimes lift your credit score by more than 100 points within a few days.
Rapid Rescore Basics
This method essentially means that you send proof of account changes to the three credit bureaus that are most influential in the U.S. One of the ways of doing this is through removing negative information that was incorrect from whatever the bureaus had on you previously.
Credit Score Importance and Difficulties
The issue with traditional methods of handling a credit score increase is that they tend to take months and years. If you allow a negative score report, like a missed payment, to stay on your report, it can take seven years for it to go away. Additionally, some quirks of the report can mean that you actually make your score worse by paying off payments. This happens with some car loans because the amount of your credit goes down as they close the account, making the percentage of your revolving credit much worse.
This is exactly why it’s so important to make sure that you use options like a rapid rescore to level the playing field. Instead, a rescore can make a huge change in just a few days instead of making it so that you need to wait years and years to pay off all of your debt before you get the slightest boost in your credit.
The Benefits of Quick Boosts
Your credit score is used for just about everything you do financially. Just about any lending company will refer to this score before deciding to grant you loans of just about any type. That’s why increasing your score by 100 points or more can have a huge effect on your life.
You could go from one category to another in one shot, making it so that if you’re trying to get a car loan or a mortgage, that where they would have said no before, they now can accept you, all because of that score.
How a Rescore Works
First, a company helps to figure out why your credit is so low in the first place. After that, they figure out which items can be corrected and which can’t be. Sometimes a low score is due to a mistake on the part of one of the major bureaus. After that, you should focus on paying off any credit card balances and using help to get documents that prove that there’s an error on your report.
With a company to aid you in helping, they can contact a creditor and get proof of the records from them. Then, this documentation can be shown to a broker or lender. After that, this is where the rescore happens rapidly. You can often get an updated report in as soon as 3 days.
If you use a professional company for this, you will get everything in the day’s timeline instead of having to wait much longer and get it in months.
Finding the Best Company
The key to getting a rescore and then getting the mortgage rates that you want is to use a company that has plenty of experience dealing with these fast rescores and with the situations included along with mortgages and loans.
There are a few ways you can find such a company. For one thing, it helps to check the BBB score for any company that you are trying to check. This review resource is known as the “Better Business Bureau,” and it allows you to get a sense of how reliable and trustworthy the company really is.
There will be reviews from users here, so you can see the consumer perspective. However, separate from that, you’ll get to see a letter score from A to F. The more transparent a company is, the better the score for them will be. Other items that go into the score include how many complaints they have, how many were resolved equitably, and how long the company has been in business.
From here, you can get a sense of how good a particular company is at helping you achieve the rescore you want and get the rates you want on loans.
Other ways of checking out companies for this purpose include looking at other review sites such as Google, Trustpilot, Yahoo, and many others. The general scores of these sites will tell you a lot, but you can also learn plenty by looking at the individual reviews to see what people say about the company in general. Their experience could aid you in deciding on which rescore company you want to turn to for aid in your goals.