Credit repair companies dispute accounts to temporarily boost scores, but those gains often reverse during mortgage underwriting. Rapid rescores offer a faster, cheaper way to improve your score for a home loan.
Oftentimes, credit repair companies look at the overall general type of credit score, like if you're applying for an auto loan or a credit card. Obviously us as a mortgage company, we look at the mortgage based credit score. Those could be two totally different sets of actions to pay down accounts. And that's why it's important to know what you're walking into. Also, credit repair companies generally start by disputing a bunch of accounts which can show some quick boost in the credit score. But the disputes aren't settled. And although it looks like they are from the credit score standpoint, which is why when you go to underwriting on a home loan, the underwriters have to remove those disputes. So any increase you had actually gets unwound. It's like putting a bandaid on it. And the band aid gets ripped off in underwriting because that dispute's not finalized. So that's where there has been some surprises for homeowners, is they don't get the credit score they thought they were going to get. That's why the rescores are so important, because we can look at the actual mortgage based score, show you the quick fixes on how to boost that score. It doesn't cost a bunch of money like the credit repair companies do. So I always like to start with the credit rescores because sometimes it could be an overnight fix. Had that credit score boosted by the end of the week. You didn't have to go through a month long process with the credit repair company.
