How To Raise Credit Scores
Using the Rapid Rescore Strategy

Question:  I want to know how to raise credit scores fast?

From: Kate Rieger, President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 07:19pm

Kate Rieger Learn How Rapid Rescore To Raise Credit Scores in Kentucky and Indiana

Click to hear my answer. Don't click to keep me silent, but read the answer below.

 Just about everyone I talk to wants to know how to raise credit scores fast. There is a tactic called "rapid rescore" that can go around the traditional methods of writing to the credit bureaus to dispute incorrect information. The traditional method at the very best takes 45 days. Rapid rescore can really cut down on that time frame -- 3 to 5 days!

Sounds great right? Maybe.

A mortgage company or bank can offer this as a service to get something corrected off your credit report if you provide substantiating documents to prove the error. Here's a brief walkthrough...

The rapid rescore strategy requires proper paperwork.

The proof must come from the creditor directly. Some examples of corrections are:

* a letter stating the account is not your account
* a letter stating the account was paid satisfactorily
* a release of lien
* a satisfaction of judgment
* a bankruptcy discharge
* a letter for deletion of collection account or any relevant evidence
* a letter correcting (and raising) available credit balance
* a letter changing the status of an account from 'delinquent' to 'current'
* a letter to update high credit limit

1. The letter must be signed and on the bank's stationary.
2. It must include the lender's contact name, phone number, your name and address, and a full or partial account number that matches the credit bureau entry number.
3. The letter must state what action the lender is doing to correct in the credit file -- like change the status of an account from 'delinquent' to 'current.'
4. Next the lender forwards the letter to the credit bureau, does a telephone verification and a new credit report is issued with an updated credit score.

The rapid rescore system works best if you are trying to raise credit scores fast to move up from one credit rating to another. Some mortgage companies offer a “what if” scenario for rapid rescoring. Simply put, the account that is to be updated is entered into the “what if” scenario and the program calculates a new credit score.

For example, your mortgage lender runs your credit report and your scores are 680, 690, and 700, with a rapid rescore, the program will tell you what can you do to increase your score a few points, like 10 to 30 points. The system may recommend that you pay off some credit cards, pay off a collection, or other scenarios. The main idea is to get you to the next level so the bank can offer better options for your loan.

This tool provides an educated guess on how to raise credit scores so it is not a guarantee of how the rescore will ultimately impact the credit score. Your lender may simply evaluate how the proposed correction would impact the major score factors that are listed on your credit report. If that correction affects a major score factor, then its likely it would increase your credit score and worth pursuing.

There is also a chance the error that was corrected by rapid rescore reappears. Why?

A mortgage company typically looks at all 3 scores from the big 3 credit bureaus, but they are mostly concerned with your middle credit score. Their objective is to move the middle credit score higher.

There is no need to rescore your lowest credit score and you will only need to do a rescore on the highest credit score if the middle score becomes the highest credit score after a rapid rescore. The problem account will reappear because it never was removed from the other two credit bureaus.

If you've successfully gained your mortgage, then you may not care that it reappears, but it can still impact your score and future loans. Ideally, you want the lender providing the rapid rescore service to execute it against all the credit bureaus.

Rapid rescore is not cheap. Typically it costs a lender $30 - $50 to run it against each credit bureau. The lender may choose to eat the cost or they may charge it back to the borrower. It is expensive but in most cases it works well for people looking to pay 5% down payment instead of 10%, or avoid a high interest rate, or eliminate PMI, and other costs related to mortgages.

Your personal extreme debt reduction system can help to -

• Reduce credit card interest rates because you negotiated better rates
• Qualify for lower interest rate loans because your credit history is good or even excellent
• Stop the harassing calls from debt collectors because you know how to handle debt collection agencies
• Evaporate charge-offs and collections from your credit report because you successfully disputed the information to the credit bureaus
• Resurrect your credit life after bankruptcy because you have the tools and a team of lenders and consultants working for you, not against you
• And much, much more...

Well, the title is a bit long, but the course has 7 concise lessons that you can refer back to at any time. To start this free, online mini-course, please complete the short form below and you can start immediately -

Yes Kate - I want to start today!

What others are saying...

Hi Kate,

I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your  program is terrific.

You give an awful lot of personal attention that can never come from a computer program.

Thanks for everything - I mean it!

Melissa

Louisville, KY

Dear Ms Rieger,

God Bless You!

You treated me like I was someone important.  I thank you for that and for showing me how to improve my FICO scores. You are truly amazing!

Sincerely,
 

Roberta D.

Jeffersonville, IN  

Credit Rejuvenations Rocks!

Dave