Correcting your Credit Score
Los Angeles, CA (PRWEB) June 24, 2004 -- ABC7 news consumer specialist Ric Romero interviewed Gavin Fenske, President of Great Financial Mortgage, about the Rapid Re-Score option. Rapid re-scoring allows customers seeking Las Vegas 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 Las Vegas homes 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."