Credit Rescore for Improved FICO Scores

The credit rescore process can provide you with a way to improve your FICO score quickly and easily. Many people are not familiar with how this process works. Here are a few things to consider about the credit rescoring process.

Credit Rescore

There are a number of different companies out there that specialize in credit rescoring. This process is also sometimes referred to as rapid rescoring. These companies have special relationships with the credit bureaus that come up with your credit score. They can review your credit report and work with the credit bureaus to fix certain issues with it. Many individuals have reported success using this method and have dramatically increased their FICO scores in less than 72 hours.

How It Works

The basic process of credit rescoring is simple. You will be working with a credit rescoring company in order to get errors or omissions fixed on your credit report. They are going to pull your credit reports from the three major credit bureaus. They are going to look at the credit report that is bringing your average score down. They are then going to contact you and find out how much you need your credit score to increase by. They are then going to look at the credit report and try to find things that they can fix. If they identify any errors or omissions, they will contact you for more information. They may need to get some supporting documents from you in order to prove that a mistake was made. You may need to send them some information quickly and then they will take care of the rest. Within 2 to 3 days, they will usually have the problem fixed, and your credit score will be reflected accordingly.

How It Can Help

This process can be extremely beneficial to you depending on your circumstances. If you are in the middle of trying to get a mortgage, for example, it could potentially save you a great deal of money. The cost to have an issue fixed is usually less than $100. In comparison, you could potentially save thousands of dollars on your mortgage. If you can bump your credit score up 30 to 50 points by fixing some simple mistakes, it will put you into an entirely different category of borrowers. When your credit score increases by this much, you are going to be able to get a much better interest rate on your loan. You might also be able to lessen the amount of a down payment that is required by your lender.

When you consider how much of an impact lowering your interest rate by 1 percent can have, it can be staggering. Over the course of 30 years, you are going to be saving many thousands of dollars in interest fees. This definitely makes the process of credit rescoring worth your while when shopping for a loan.