An electronic technique that works directly with the three major
credit bureaus allowing consumers the ability to immediately repair
and boost credit score in as little as 5-7 days.
Los Angeles, CA (PRWEB) June 24, 2004 -- ABC7 news consumer
specialist Ric Romero interviewed Gavin Fenske, President of Great
Financial Mortgage,
www.greatfinancialmortgage.com , about the Rapid Re-Score
option. Rapid re-scoring allows customers seeking mortgage financing
the opportunity to immediately repair erroneous information that is
currently on the credit report and boost their scores in about 5-7
days. This can mean getting better interest rates and better terms
on a loan versus taking a sub-prime loan that offers higher rates
and uncomfortable terms. Asked why this is an important feature,
Fenske explained that rates and programs are based upon a client's
credit score. Typically, through regular channels, it would take a
consumer 2-3 months to repair their credit going directly through
the three major credit bureaus (Experian, Equifax and TransUnion).
Rapid re-scoring requires that the consumer have proof that the item
on the report is being reported erroneously. The proof can take the
form of a deletion letter, satisfaction of judgment, release of
lien, bankruptcy papers, letter showing settlement of a collection,
or any other significant form.
Fenske pointed out that consumers can ask their loan officer to
reveal the data the lender obtained and review any possible
mistakes. Unfortunately, many consumer credit reports still reflect
information that is not accurate even after the consumer has
resolved the matter. Errors typically can take from 2-3 months to
resolve. In today's market, buyers are left at a disadvantage in
obtaining the best possible rates and programs because lenders put
great weight on credit scores. However, by using the rapid
re-scoring capability available through most lenders, Great
Financial Mortgage can assist consumers and significantly speed up
the tedious process of removing erroneous information. Getting a new
credit score in 5-7 days versus 2-3 months can make a world of
difference and save thousands of dollars over the life of a loan.
In a market where homes are moving in days and rates are poised to
move up, timing is everything when securing the right loan or
refinancing a home. Fenske said, "We find that customers who have
erroneous items showing on their credit reports and the
documentation to prove otherwise, gain a tremendous advantage in the
rates and programs offered to them following Rapid re-scoring."
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