Tuesday, October 21, 2008
Rapid credit rescoring may help consumers during credit crunch
This morning ABC “Good Morning America” briefly discussed the concept of “rapid credit rescore” where errors or omissions on a credit report, was well as payment information as well as incorrect accounts are submitted to all three major credit reporting companies so that the FICO score can be recomputed, sometimes within 48 hours.
A number of companies and sources discuss this opportunity. These include Credit Score News, here, Cisco Credit (which offers a predictive recalculator) here and (prosaically) “CreditReScore.com” here.
Rapid rescoring can be important now in getting a mortgage or even an auto loan. News sources report that GM dealers right now will not give auto loans to those with scores below 700, although hopefully that will change if credit markets loosen with the bailout.
Credit rescoring should be differentiated from “credit repair” with is often scammy.