Have You Heard of Credit Rescoring?
Excerpt from the Los Angeles Times, Sunday, July 25, Author: Kenneth Harney...
Ignore the online and junk mail "credit repair" come-ons that promise miraculous FICO-score improvement overnight. They are often rip-offs and may not even be legal in some instances.
However, an experienced mortgage broker or retail loan officer can get your credit file into a "rapid rescoring" program that just might get you the legitimate lift you need to qualify. Rapid rescoring performed by independent credit reporting firms use procedures approved by the three major credit bureaus to make direct changes to the information contained in credit files.
If there are documented errors in the file or omissions that are dragging down your scores behind your back, the rescorers connect you, your creditors and the three national bureaus to get problems fixed. In some cases, rescorers can even spot steps you can take, such as cutting your usage percentage on a particular account, that will boost your score immediately.
Most rescorings take three to five days and cost an average of $30 per "tradeline" or credit account per borrower. A typical rescoring costs from $90 to $200. Though extensive rescorings can push FICO scores up dramatically, the average increase is more like 25 to 32 points.
If you've been an irresponsible deadbeat rescoring your files won't help much or at all.
Considering the ongoing environment where otherwise honest and diligent bill-paying people have lost their jobs, or have been sucker-punched by abusive retail credit practices and are now nursing abysmal credit scores (roughly 43 million Americans), you have to wonder EXACTLY who or what is now a deadbeat?
Ignore the online and junk mail "credit repair" come-ons that promise miraculous FICO-score improvement overnight. They are often rip-offs and may not even be legal in some instances.
However, an experienced mortgage broker or retail loan officer can get your credit file into a "rapid rescoring" program that just might get you the legitimate lift you need to qualify. Rapid rescoring performed by independent credit reporting firms use procedures approved by the three major credit bureaus to make direct changes to the information contained in credit files.
If there are documented errors in the file or omissions that are dragging down your scores behind your back, the rescorers connect you, your creditors and the three national bureaus to get problems fixed. In some cases, rescorers can even spot steps you can take, such as cutting your usage percentage on a particular account, that will boost your score immediately.
Most rescorings take three to five days and cost an average of $30 per "tradeline" or credit account per borrower. A typical rescoring costs from $90 to $200. Though extensive rescorings can push FICO scores up dramatically, the average increase is more like 25 to 32 points.
If you've been an irresponsible deadbeat rescoring your files won't help much or at all.
Considering the ongoing environment where otherwise honest and diligent bill-paying people have lost their jobs, or have been sucker-punched by abusive retail credit practices and are now nursing abysmal credit scores (roughly 43 million Americans), you have to wonder EXACTLY who or what is now a deadbeat?
I've never heard about Credit Rescoring before...
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