2010 March | My First Boise Idaho Home Loan

Archive for March, 2010

Published by Craig on 07 Mar 2010

Boise Home Buyers – “Rapid Re score” Your Credit Report

Trying in understand the inner workings of a credit report can be a daunting task especially for a first time home buyer. The scoring system is very complex and often makes no sense.

When home buyers have their credit report checked for the first time, there are often mistakes that the consumer is not aware of. Sometimes there are accounts that are still open and causing problems. What ever the reason, the home buyer needs to address each account and correct any inaccurate entries.

Collections on credit reports are a big reason why buyers scores are low. If a collection has recently been paid, but it still shows owing on the credit report, this would be an example of when the “rapid re score” would come in handy. If the consumer can prove that the collection has been paid with documentation, then there is a good chance that re scoring the credit report will be successful.

What is a “rapid re score”? It is the process of providing correct documentation to the loan officer about the account in dispute. Then the documentation is submitted directly to the credit bureaus for an immediate re score. This usually takes about 3-5 working days.

This process is not always a sure thing, but can often raise the scores enough to qualify a potential Boise home buyer and move them onto the next step of the home buying process.