Were you denied for a mortgage because your credit score fell short? While many may think this is the end of the road, rapid rescoring is a powerful tool that can help towards becoming mortgage ready and is often a solution for either a conventional mortgage or an unconventional, or non-qualified mortgage product.
Our rapid rescore service is great for both existing transactions or pre-qualifications and is a great way to get an expert second opinion about your mortgage qualifying needs. Credit rescoring is a great tool that allows us to identify specific accounts to maximize the built-in potential of your credit score. Rather than waiting for the bureaus to update naturally, this automated process takes approximately two to three business days.
The bureaus will verify and update the account post verification via the documents you provide. Here are the steps: Initially, we will analyze your credit report for any potential improvements through both our manual review and automated credit score simulation software. We then determine how much of an increase to your credit score including what actions need to occur to bring the process to fruition. We do not charge you for this service. This is not credit repair and we are not a credit repair company.
Once these actions have been taken and with a signed Authorization to Release Information form from you, we will contact your credit card or finance company and request a balance letter or other account documentation. We can also accept a screenshot from you of your online account summary. After we get everything together, we then take the final step which is to submit the documentation to our credit vendor who works directly with the credit bureaus to update the accounts. When the updates are complete, we are given notification to where we can then without putting an additional inquiry reprocess your credit report.
This entire process can take as little as 2-3 business days after receipt of the appropriate creditor documentation. Since the corrected credit is usually higher, more applicants can qualify for the best loan products at the best pricing. This is the quickest way to improve your credit score. Based on differences within each credit report, often what works best is paying down credit card account balances to reduce your percentage of credit utilization but not limited to that solely depending on the number of open accounts.
This can be a great solution for upfront pre-qualifications or current transactions already under contract but are experiencing qualifying problems. We are known for our Non-Qualified mortgage experience and high level of customer service. Whatever we can do to get your loan done, we will do.