Welcome to Bad Credit Mortgage Help. We are advocates for people with past credit problems and experts at helping people with imperfect credit qualify for a mortgage with reasonable terms. We offer Home Loans for people with past credit problems at the Lowest Mortgage Rates in the country. We have decades of experience with many Bad Credit Mortgage programs such as FHA Home Loans, VA Home Loans, FHA Streamline Refinances, VA Streamline Refinances, USDA Rural Housing Loans and more.
To find out what you qualify for, please fill out our inquiry form to set up a free consultation.
June, 2009 Rapid Rescore Not Accepted By Most Lenders
A Rapid Rescore is a product offered by credit reporting companies that enables someone to make quick changes to their credit report and then generate a new credit score based on the changes. A great idea, yes, but the problem is that in today's market of tight credit, most lenders will not consider a fico score generated by a Rapid Rescore model.
Why is this? If the information is updated, then wouldn't the new score be more accurate?
The problem with a Rapid Rescore system is that the updated score may not be reflective of correct information from the credit bureau. A Rapid Rescore report relies on data generated from consumer challenges of credit lines, not reporting directly from the creditors. With credit extremely tight this year, lenders look at reports generated from creditor information to be more accurate, and thus a better reflection of a borrower's true credit score.
That being said, we have some tricks of the trade at Bad Credit Mortgage Help, and will do everything we can to help you get into position to buy a home.
