RAISING YOUR CREDIT SCORE

By
Real Estate Agent with Coldwell Banker Hubbell Briarwood

I was watching Good Morning America Tuesday morning and Elizabeth Leamy reported on the obscure process of credit rescoring. So, if you are considering buying a home, you need to be prepared. Now is the time to examine your credit and make any fixes that you can. Credit scores are computer generated. Your credit score is The Number of how likely you are to pay off “Future Debt”, by how well you paid off “Past Debt”. If your credit score is not what you think it should be, then the first step is to examine your credit report. The old computer adage “Garbage In, Garbage Out”, very definitely holds true.

Some of the common errors of credit reports are:

1. Medical bills that the insurance companies paid late or didn’t pay at all

2. Bankruptcies and tax liens that are not yours

3. Someone else’s unpaid accounts

4. Your accounts that were paid on time, but are not on your credit report If you find any of these errors on your credit report, there is an obscure process called “Credit Rapid Rescoring”. Rapid rescoring is a service offered by local credit bureaus. It is available only through mortgage lenders and brokers. To fix these problems, you will need to provide proof of the errors on your credit report. A rapid rescoring expert can research your claims and gather written documentation. The expert forwards your proofs to the three national credit bureaus and asks for a rescore. In 24 to 72 hours, your credit report is corrected and your credit score rises as a result. It could be a substantial amount, depending on the correction. Please do not be taken in by the “so called” credit repair scams.

Here is the link to that report:

Ready, Set, Rapid Rescoring

http://abcnew.go.com/Videa/playerIndex?id=6079187

 

 

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