Each of the 3 major credit bureaus provides a single credit score. The “Middle Credit Score” refers to the middle of the three scores provided by the 3 bureaus.
If a borrower’s score is lower than desired, we run “what if” analyses to find the best course of action to raise his score. Score-raising actions include: (1) paying down loan balances; (2) increasing credit limits, so existing balances are not so close to the limit; (3) removing or correcting errant data; and (4) paying off collections or bad debts.
If a borrower does these actions, he can wait 30 to 45 days to see what the results are with respect to his score, as that is about how long it takes for all of the data to filter through.
Alternatively, a borrower can pay for a Rapid Re-score. To do a Rapid Re-score, a borrower needs to provide statements with the updated data, balance or info. The statements must include: (1) the creditor’s name, on letterhead preferably; (2) the borrower’s name; (3) the account number; and (4) the correct data.
We send these statements to the credit bureaus via the “Rapid Re-Score Process,” and in about 5 to 7 days, the borrower can see his revised credit score. This is not a “science”, so there is no guarantee that the score will go up as much as predicted. By the same token, scores sometimes go up much more than predicted.
The cost of such Rapid Re-scores is about $35 per item, per bureau (expensive). So, we only recommend Rapid Re-Scores when time is of the essence.
With ALL lenders and loan programs now so much more score-sensitive, we all spend a lot more time on credit repair than in the past.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167