You’re taking out a loan, and then it comes: the dreaded credit check. The past 7 years of your credit history is about to be shown to the person approving your loan. You know you were late on some bills; you remember the time you skipped a credit card payment because they never stopped calling your house until you paid it. But, you’ve been a lot better the past 3 years… why does that all have to affect you? Dealing with mortgage loans for doctors can be hard if you have a bad credit score that you’re trying to deal with.
Did you know that you can get something known as rapid rescore? It helps you to get things sorted out in just 72 hours. With a program referred to as Rapid Rescore, a broker or mortgage officer can help you find errors in your credit and get them repaired quickly. If you try to repair errors on your credit report yourself, it can take up to 6 months for them to be cleared. But, go through your broker and 3 days is about what it is. Sometimes it takes a little longer, but for the most part it’s not going to be any longer than what you would do on your own.
There are some restrictions to this program though. First, it can’t always get rid of negative scores (like late payments) or a large balance that causes your credit score to be lower. Second, as I’ve said, it can only be done by the person issuing loans. Third, it’s always better to correct the errors as soon as you notice them if it’s before you try to borrow money in any fashion. This keeps your credit score clean and can save you time in the long run.