January 28, 2016 by 4 Comments

Upon first hearing about Rapid Rescore, you might be quick to lump it with all those other credit fix companies vying for your attention. However, Rapid Rescore is not just another company–it is actually a service provided by mortgage lenders and brokers. It is designed to help you improve your credit score within a very short timeframe so that you can secure a home loan at more favorable rates.

What is Rapid Rescore and how does it work?

When you first apply for a home loan, the bank, financial institution or mortgage broker of your choosing will check your credit. If your credit is excellent, then you normally have nothing to worry about.

But if your credit does not meet a certain minimum requirement, which varies by lender, you may receive a home loan at a higher interest rate, or you may be denied one. Sometimes, even a difference of 20 points can mean the difference between securing a home loan and being denied.

There are many things you can do to improve your credit over time, but credit bureaus often don’t make the appropriate adjustments for several months. Positive changes to your credit score may not be immediately apparent to those checking your credit for the purpose of securing a loan. However, utilizing the Rapid Rescore service may help you get an improved credit score within just a few days time.

When you use Rapid Service, you will receive a list of possible actions you can take to improve your credit score quickly, such as disputing certain items that appear to be incorrect, like a balance that still shows even though it was paid. Paying off balances can also make a big improvement in your score.

Once you have completed some of the actions, the Rapid Rescore service will submit proof to the credit reporting agencies, enabling the score adjustment to be reflected quickly.

Are there fees involved?

Although Rapid Rescore is a service provided by your mortgage broker or lender, there may sometimes be a small fee involved in using the service. However, some lenders may not require you to pay the fee, and even if they do, the service can often save you much more money in the long run.

How is Rapid Rescore different from a credit repair service?

Credit repair services more often than not attempt simply to eliminate damaging criteria from your credit report, regardless of whether the information is accurate. This is often done without your involvement, and typically takes longer than just a few days. Rapid Rescore works with you in a more beneficial manner, helping you to raise your credit score by 20 to 150 points.

The Rapid Rescore service might even help with a bankruptcy note by acquiring favorable notes from creditors, which will help mortgage lenders better make their decision.

When seeking a home loan, remember that only legitimate mortgage lenders and brokers can provide you with the Rapid Rescore service. If you are successful in raising your credit score, you may even be able to afford a higher mortgage.

Eric Khan is a Senior Mortgage Banker licensed in 23 states. Eric has been in the mortgage industry for over 10 years, and can be contacted by phone at 203-783-4593 or by email at [email protected] NMLS# 184348.

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