Repair Your Credit in Just Three Days

Credit repair rapid rescore service fixes errors, not bad payment history

Anyone who has ever applied for a mortgage or line of credit is aware that lenders first make a routine check of the would-be borrowers credit history. The purpose of this is to view previous history of paying bills in order to determine if he or she is worthy of, and can be trusted with, the lender’s money. And anyone who has ever tried to borrow money knows that a history of failing to pay bills, in full and on time, has a harsh effect on one’s ability to borrow more. Every single financial transaction a person has is duly recorded by the three credit bureaus and offered to lenders, upon request, in the form of a credit report. That report includes the FICO score, which is a three digit number that distills a lifetime of bill paying history into a single, easy-to-use figure. If you have a history of paying your bills late, you may have trouble obtaining a loan. The same applies if you have paid your bills promptly but have errors on your credit report. It pays to check your report regularly, especially if you can obtain a credit report for free, but what if you haven’t done so? You’ve found the house of your dreams, you’d like to close right away, and you discover that someone else’s bankruptcy filing is listed on your record. Can anything be done?

As we have covered elsewhere, you can’t fix a broken credit record, but you can fix one that’s in error, and you can now do so quickly. A relatively new service called rapid rescoring comes to the rescue here. Rapid rescoring is a process handled by a company that acts as a liaison between the lender and the credit bureau. They have good relationships with both parties and, for a fee, they can expedite the process of fixing problems in your payment history. You must go through your lender to do this, and you must have written proof of the error. It’s not magic; they won’t take your word for it. Once you submit your proof to your lender, they will pass it on to the rescoring agency, and the problem can often be cleared up in as few as three days. Sometimes it takes a couple of weeks, but that’s a tremendous improvement from the traditional method of fixing such problems, which were conducted by snail mail and often took 90 days or more.

This new service works to the advantage of all interested parties - the lenders love it because more people qualify for loans and the borrowers like it because it helps fix problems that in years past would have been deal-killers.

Rapid rescoring has been a tremendous help to buyers and sellers, but it’s not a cure-all. Responsible borrowers should regularly check their credit reports for errors and have them fixed prior to trying to obtain financing. This is a much more reliable way to keep your record clean.