Rapid rescoring should only be done through a mortgage broker or lender."I'd be a little leery actually of anything that offered a rapid rescore directly to the borrower," says Leisure."It even states on our forms that the mortgage company fills out to request a rescore that the borrower cannot be charged for it." It's also important to remember that the only information you can dispute is inaccurate information, says PFS Funding's Parsons."What we find is when somebody's got a low credit score, they have lots of excuses for why this [negative information] is on their report," he says. They will pay off a delinquent account and expect it to fall off their report. When it comes to negative but accurate information, all you can do is wait up to seven years for the negative information to disappear."Consumers are demanding these real-time updates in order to achieve their financial goals," she adds.See related: Steps to boost credit score when a mortgage is the goal We encourage an active and insightful conversation among our users.
"A what-if simulation is basically a mathematical model that the mortgage companies work with to say, 'What if they paid off their credit card?"I know there are a lot of mortgage brokers who pass the cost of a rescore on to their borrowers.But they really aren't supposed to do this," she says.However, you can't explain away accurate blemishes, such as missed credit card payments. Quick updates for a fast-moving world The good news is if your complaint is legitimate, you have a good chance of getting it rescored when you need.That's a big deal for consumers who are used to faster answers, says In Charge Debt Solution's Karen Carlson."There are some credit cards that report to the bureaus at the beginning of the month, some at the end of the month, some only every other month," says Leisure.