Authored by Kate Beswick in Credit Card
Published on 10-26-2009
Those who suffer from bad credit and are working to repair it quickly now have new hope with rapid credit rescore. It used to be that those who had blemishes on their credit report needed to take the time to correct them by paying back their loans and payments. Once the late payments or debts were paid off, the credit holder then needed to get in touch with both the companies they owed money to as well as the credit bureaus to get their credit score back up to a desirable number. While all of this still needs to be done, this process which used to take months can now be done in a matter of days thanks to rapid credit rescore.
Rapid credit rescore is often done when a person is looking to make a major purchase such as a home. It is often only in these instances that it’s worthwhile for a person to pursue rapid credit rescore because it’s a very expensive process. Because getting a rapid credit rescore is most often done when buying a home, it is also usually done through a mortgage broker. This broker can speak to the person looking for a rapid rescore and discuss the benefits and advantages of the process. Because rapid credit rescore is not for everyone, it’s during this time that it can be decided whether or not rapid credit rescore is right for that person’s particular situation.
In order to get a rapid credit rescore, the person applying for it will need to provide documentation proving that they have paid off their debts and loans. They can then just give this to the mortgage broker and the mortgage broker can pass it on to the credit companies. The mortgage broker will also work through the paperwork with the credit bureaus, explain the situation to them, and inform them that the individual is looking for a rapid credit rescore.
The whole process will usually only take three to five days, with a week being the longest that it should take. Once the process is completed, the new score will remain on the individual’s credit report permanently, unless other debts and loans accumulate that are not paid off in a timely manner. How much the credit report is affected by the change will determine what loans and balances were removed. The larger the loan that’s taken off the credit score, the more it will be improved once the rapid credit rescore is completed. If the loan or balance owing was a very large one, this could improve the credit score drastically, sometimes even by thousands of dollars.
Credit rapid rescore usually costs several hundred dollars, which is why it’s usually only done when a major purchase is being made. In some cases, the mortgage broker will pay for the cost of the rapid credit rescore in order to hold onto the person’s mortgage.