Most consumers are aware that a history of paying bills late or not at all
can hurt one’s ability to obtain a loan. All financial transactions are
recorded by three credit bureaus and offered to lenders upon request in
the form of a credit report. That report contains the all-important credit
score, which determines whether or not the borrower is a good risk for a
loan. If you have a poor payment history, you could be out of luck when
you try to obtain a loan. The same applies if there are errors on your
credit report that suggest that you may pose a greater risk to the lender
than you really do. Traditionally, it has taken months to straighten out
problems on a credit report, and borrowers who are eager to close on a
mortgage or home equity loan may not have months to wait. What can be
done? A relatively new mortgage-related product known as rapid rescoring
can, in some instances, fix problems on a credit report in as little as
three days.
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