If you are seeking a mortgage in Texas but have been turned down, Rapid Rescore may just be the answer you need. The current economic situation has made obtaining a mortgage in Texas a bit challenging. When factoring in the fact that many consumers’ credit reports have taken negative hits, it makes dealing with credit files related to mortgages quite tricky. This is where Rapid Rescore can be a huge advantage.
So what exactly is Rapid Rescore and how can it help you directly? Simply put, it is the rescoring of your credit report done in a rapid manner. Certain supporting documents are required and not everyone is eligible. It’s also important to note that it is different from traditional credit repair.
In most cases, Rapid Rescore can remove erroneous information in as little as two weeks. Sometimes the process can be done in just a few days. Considering normal disputes take thirty days or more to be resolved, this is an incredible process to utilize.
Let’s look at how it works:
First, when you apply for a new mortgage or to refinance an existing one, mortgage lenders use a third party company to pull your credit report from the top three credit bureaus: Experian, Equifax and TransUnion. These third parties prepare the data the mortgage company needs. These same third parties have the ability to update certain accounts that perhaps are not up-to-date on the reporting or are not accurate or are deemed as too vague as the report was sent only to satisfy underwriting requirements.
These same third parties can also utilize proper documentation to update discrepancies on your credit report such as incorrect credit card balances. They can also remove an account that has been inaccurately placed and should have never shown on your credit report to begin with.
Once your data is updated, your credit report is then “rescored” to give an accurate measurement of credit risk. Considering FHA loans in Texas require as high as a 620 credit score, which may go up to 640 very soon, being able to show account balances paid down as well as removing any negative reports quickly can be quite a necessity. Rapid Rescore can be the key to getting you approved for the mortgage you need and locking in the rate you deserve.
When Rapid Rescore is processed by a mortgage loan officer or a credit repair specialist who understands how FICO works and who specializes in Rapid Rescore, this can be a great investment for the consumer. However, if someone not understanding how FICO works or Rapid Rescore attempts this process, it can be a nightmare instead.
When the time comes to take control of your needs for credit repair in Texas so you can get that mortgage loan you’ve been trying for, turn to the top credit repair provider in Texas: Turn-Key Credit Solutions. We are not only one of the few credit repair companies in Texas who have the expertise needed to effectively utilize Rapid Rescore, we are one of the few in the entire U.S.
Contact us today for more details: Turn-Key Credit Solutions
