If you do not qualify for a mortgage loan because your credit scores are too low due to maxed out credit cards or the credit reporting agencies are reporting errors, there is a way of improving and correcting the credit reporting errors by the use of Rapid Rescore which your mortgage lender can do for you.
Updating Your Credit Report
Under normal circumstances, updating your credit report takes at least 30 to 60 days if you do it via the traditional way, however, with Rapid Rescore, all the mortgage lender needs is proof that you have paid down your credit cards or proof that the credit reporting agency is reporting erroneous information and they will have a third party credit vendor contact the three credit reporting agencies and provide proof to them and in return, it will be updated in 3 to 5 business days. By getting your credit report updated, it will also instantly update your credit scores.
Victim Of Identity Theft
If you have been a victim of identity theft and want to apply for a mortgage, the chances are you need to wait several months to get the fraudulent items corrected in your credit report. However, if you are armed with a police report and letters from the creditors that there were unauthorized charges on your credit account, a Rapid Rescore can delete the false information from your credit report in a matter of a few days. There is normally a cost involved with this but depending how much of a hurry you are in, it might be worth your investment in getting the bad credit items deleted from your credit report in a matter of a few days instead of several months.
Benefits Of Rapid Rescore
The benefits of rapid rescore is tremendous and mortgage lenders rely on rapid rescore to make sure a mortgage loan closes on time. For example, if a mortgage loan borrower does not qualify for a mortgage loan because their debt to income ratio is too high during the mortgage approval process, the mortgage loan officer can have the mortgage borrower pay off certain credit card debts or other liability and request a rapid rescore and update the credit report of the mortgage loan borrower. This speed will enable a mortgage loan to close on time rather than wait 30 or more days until the credit reporting agencies update the borrower’s updated credit information. By paying down your balance of a revolving credit account will also boost your credit scores so it will be a win win situation. Rapid rescores is a powerful tool for both the mortgage companies as well as the mortgage loan borrowers. Errors such as erroneous bankruptcy and/or foreclosure dates can be corrected as soon as 3 days instead of months.