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How a Rapid Rescore Can Fix Your Credit Score Fast
The fact is, no one can fix your credit-related problems but yourself, at least legally. One thing is for sure, whatever the problem is which caused you to be late with payments, not make payments, etc., you now have a bad credit record. If you want to regain control of your life, if you want to have the things other people have, such as new cars, large screen TVs, and the like, then you need to have a good credit record.
You are the only person that can make this a reality. Most people just don’t have cash laying around to be able to purchase the larger ticket items, so when you need a car, washer/dryer, TV, etc., either you save up the cash or purchase the item on credit. The other alternative is to rent appliances and furniture, but do you really want to do that?
One thing to keep in mind as you begin to rebuild a good credit history is that it is very easy to ruin your credit; fixing it will take some time. It is not going to happen overnight, but if you work at it and are serious about changing the past, you can turn it around.
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:
- 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-1″ 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.
- They can help you only if you have proof, or if proof can be obtained. Rapid rescoring services aren’t designed to help people who have yet to start the credit repair process. You need something in writing, such as a letter from the creditor acknowledging that your account was reported as late when you were in fact on time. (This is one of the reasons that it’s so important to get everything in writing when you’re trying to fix your credit.) If you don’t have such proof, but the creditor has acknowledged the error, some rapid rescorers can get the proof for you. However, that might add days or weeks to the process.
- They can help you get errors fixed, but they can’t remove true negative items that are in dispute. Again, you need proof that a mistake was made, not just your say so. If the credit bureau is already investigating your complaint about an error, the item typically can’t be included in a rapid rescoring process.
- They can’t promise to help your score, sometimes removing negative items can actually hurt a score.
The scoring formula tries to compare you to people who have similar credit histories. If you’ve been lumped into the group with a bankruptcy or other black marks on your report, you might find that your score falls when some of those negative items are removed. Instead of being at the top of the bankrupts’ group, in other words, you’ve dropped to the bottom of the next group-the folks who have better credit.
More commonly, removing an error might not help your score as much as you might have hoped and might not win you a better interest rate. There are no guarantees with rapid rescoring.
Need more advice for fix credit fast? Contact Bluewater credit.