Rapid Rescore 411


What is a rapid rescore? Simple! It’s a rapid process where some lenders and brokers help fix the errors and boosts your credit score to the credit bureaus.

A rapid rescore is a 2 step process. First, the mortgage lenders must verify and update the information, then your credit report is submitted to the credit bureaus.

Although the process may only be 2 steps; it can take up to a full 30-day billing cycle from the time the corrective action is taken to the time it is reported to all three credit bureaus which includes the time for them to update it; however, at ISC, we offer a 3 business-day service or a 24 hour rush to get the ball rolling.

Why is a Rapid Rescore Important?

Well, when you apply for a loan, your credit score becomes very important to you. Depending on your credit, you may or may not be eligible for the loan at a low interest rate, or worse, your application could get denied.

If you decide to update your credit and score without ordering a rapid rescore it may take months to complete. In order to proceed the buying process, the lender needs a higher score to issue a pre-approval letter, and the buyer needs that letter to be able to start looking for homes.

Steps in the Rapid Rescore process

In order to qualify for a rapid rescore, you need to show proof that the questionable parts in your credit history can be corrected. The first step is obtain a copy of your credit report. You are able to receive a free credit report once a year by the three major credit bureaus: Equifax, Experian and Transunion. Keep in mind, that your lender or broker will request a copy of your credit report to order a rapid rescore

The length of the process does depend on the amount of items being updated. A few common ways to update your credit is to pay off some of your high credit card balances, pay off those delinquent accounts and hold back from closing credit cards.

Plan Carefully

We know that rapid rescore may not be for everyone, but it should be kept in mind when youre looking to buy a home. You can save yourself from stressing by planning carefully and see where you can improve your credit scores before finding the right lender/broker.

Good luck!

Source:

https://themortgagereports.com/19668/use-a-rapid-rescore-to-qualify-for-a-mortgage


Featured Posts
Recent Posts
Archive
Search By Tags
No tags yet.
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Social Icon

Join the Conversation

  • LinkedIn - Black Circle
  • Facebook - Black Circle
Affiliates
Information Searching Co. | 1503 S Coast Dr. Suite 205, Costa Mesa, CA 92626 | Toll Free 800-290-2801 Direct 714-424-5300

© 2016 by Information Searching Co.