Guide to VantageScore and Rapid Rescoring
What is VantageScore?
Since all three credit report agencies used different formulas to determine your credit rating, they decided to come together and try to establish one formula. This is known as VantageScore. The information found in your credit report is used in the formula. This just allows for greater consistency. While this information is available to lenders, not all are using this rating yet. Most are familiar with the old FICO scores and may be using software that is based on the old method rather than the new rating system. Until all lenders move to VantageScore this may not have a big impact on you or your credit.
Back To TopWhat is rapid rescoring?
If you have errors on your credit report that need to be corrected quickly, you can work with a mortgage lender or broker to go through a process known as rapid re-scoring. For a fee and in less than five days these items can legitimately disappear. This is useful when you are trying to get a mortgage loan since this may help improve your credit score. However, there is no guarantee and it is possible that in the process of fixing an error new information is brought forward that makes your credit score even worse. The agencies that can complete this process do not work directly with consumers so if you get contacted directly regarding rapid re-scoring it may be a scam.
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+ Debt Consolidation
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- Guide to Credit Monitoring
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- Guide to How Credit Reports Affect Getting Loans and Credit
- Guide to Improving Your Credit
- Guide to Monitoring Your Credit and Avoiding Identity Theft
- Guide to Negative Marks, Errors, and Credit Repair
- Guide to VantageScore and Rapid Rescoring
- The Ultimate Guide to Your Credit Report