Rapid Rescore
- Rapid rescoring home buyers correct errors harming their credit scores.
- Rapid rescore will not erase accurate derogatory credit score entries.
- Consider a pay-for-delete to erase derogatories.
I am buying a house and need to rescore my credit score rapidly. What are my options?
My husband and I were pre-approved for a home loan up to $300,000 in July when we first applied because we had great credit. I have a 700-800 something and he had a 741. We are a military family and was moved on military orders in Apr 2010 from California to Japan. Because of pregnancy complications we then moved again on military orders from Japan to North Carolina in Aug 2010. We found the house we wanted within 10 days and currently am trying to close on it. Our scores were pulled again and, I know its no excuse, but with all the recent moves we haven't received mail in over 6 months. And forgot about 2 store credit cards that are never used and he only had to make payments to build his credit. (Did that ever backfire). Killed his score from 741 to 520. We have paid the accounts in full and closed them out. I am trying to send the letters to the credit bureaus to hopefully update his score. But I don't know who to actually send them to? Will it update his score? How long will it take? On Monday our seller is putting the house back on the market and I am so afraid someone else will make an offer. Any and advice on getting this rectified ASAP would be welcome.
Rapid rescore is a service offered to consumers who are in the process of buying a residence or refinancing a mortgage. In a week or less a mortgage lender or a credit repair company can submit a consumer’s evidence that an error is appearing on that consumer’s credit report, and the erroneous information will be removed or altered very quickly. If the information is significant, a new credit report will generate a higher score once the derogatory information is eliminated.
The error may be a result of mistaken identity or identity theft, or instances where a bill was paid but erroneously reported as unpaid by a creditor. Although rapid rescoring sounds too good to be true, it works when the consumer has evidence that the information on the credit report is inaccurate.
Rapid rescoring is not effective where the creditor reported accurate information to the the credit reporting agencies, which in turn coded and published it correctly.
Quick tip
contact one of bills.com’s pre-screened mortgage providers for a free, no-hassle mortgage quote.
Here, I do not see rapid rescoring working for you, because you were delinquent on your payment. The fact that you were delinquent, even though it was a matter of unintentional oversight, means that the creditor is going to report the derogatory information.
Closing the accounts alone will not remove them from a credit report. Positive credit activity can appear on a credit report indefinitely. Derogatory entries can appear on a credit report for as long as 7½ years from the date of first delinquency, whether the account is open or closed.
I realize I am bearing bad news; if I knew of a certain tip or tactic to assist you in the situation you described, I would share it with you.
I hope this information helps you Find. Learn & Save.
Best,
Bill