Debt Consolidation Credit Counseling In Phoenix

Many people have inaccurate information on their credit reports which can cause a lot of long-term pain and frustration such as not qualifying for a home loan or paying far too much interest if they do qualify. However the time-frame can be dramatically reduced through companies with special relationships with the credit reporting agencies and who specialize in Rapid Credit Rescoring.

Unfortunately, it sounds too good to be true because there is a plot twist. You cannot access them - only your mortgage broker can. You are welcome, of course, to ask them to run a rapid credit rescoring but be sure that you are seriously considering getting a loan with that broker because these companies charge a fee for their services.

It is always better to repair the credit issues several (six) months prior to applying for a loan. If your score is under 680, experts still say that you might want to shoot for a rapid rescore if you are intending to apply for a loan within one month.

There are things Rapid Rescoring can accomplish for you and things it can't:

1. They are not able to work with YOU:

You cant use this service yourself directly. Rapid rescoring of your credit is usually offered by a small credit reporting agency. This type of company is just the middleman between the credit bureaus and some loan officers and mortgage brokers.

2. There is no guarantee; nor can they suggest there is one:

This is something I talk to all of my clients about. In some cases, deleting "derogatories" can actually harm your score. This is more than likely not the case for you but it is worth noting.

3. They cant perform magic and they cannot delete legitimate items:

They can only work on items (derogatory marks) that have not been reviewed by the credit bureaus. You must be able to prove that an error was made.

4. Proof is a must

Rapid rescoring is not supposed to help those people who havent repaired their credit yet. This service requires that you have something in writing from the creditor in which they acknowledge that your account had been reported as late, when in fact you were on time. If you dont have your particular proof, but the creditor has acknowledged the error anyway, then some rapid rescorers can get the proof for you. But this may add some days or weeks to the normal quick process.

A creditor may currently be reporting a high balance on your account (ie from a credit card). This high balance may be keeping you from being approved for a better mortgage rate. If you pay down the balance electronically right now, then you can have the rapid rescorer renew your score in 72 hours. This will then essentially show that the creditor has a mistake (because you no longer have that high balance), and you can now show the correct current balance sooner instead of having to wait a long time to have it show up on your credit report.

Good luck.