Debt Consolidation Depot
Debt Consolidation & Financial Information Resource Center
June 24, 2004
An electronic technique that works directly with the three major
credit bureaus allowing consumers the ability to immediately repair and
boost credit score in as little as 5-7 days.
Los Angeles, CA (PRWEB) -- ABC7 news consumer specialist Ric Romero
interviewed Gavin Fenske, President of Great Financial Mortgage,
www.greatfinancialmortgage.com, about the Rapid Re-Score option. Rapid
re-scoring allows customers seeking mortgage financing the opportunity to
immediately repair erroneous information that is currently on the credit
report and boost their scores in about 5-7 days. This can mean getting
better interest rates and better terms on a loan versus taking a sub-prime
loan that offers higher rates and uncomfortable terms. Asked why this is an
important feature, Fenske explained that rates and programs are based upon a
client's credit score. Typically, through regular channels, it would take a
consumer 2-3 months to repair their credit going directly through the three
major credit bureaus (Experian, Equifax and TransUnion).
Rapid re-scoring requires that the consumer have proof that the item on the
report is being reported erroneously. The proof can take the form of a
deletion letter, satisfaction of judgment, release of lien, bankruptcy
papers, letter showing settlement of a collection, or any other significant
form.
Fenske pointed out that consumers can ask their loan officer to reveal the
data the lender obtained and review any possible mistakes. Unfortunately,
many consumer credit reports still reflect information that is not accurate
even after the consumer has resolved the matter. Errors typically can take
from 2-3 months to resolve. In today's market, buyers are left at a
disadvantage in obtaining the best possible rates and programs because
lenders put great weight on credit scores. However, by using the rapid
re-scoring capability available through most lenders, Great Financial
Mortgage can assist consumers and significantly speed up the tedious process
of removing erroneous information. Getting a new credit score in 5-7 days
versus 2-3 months can make a world of difference and save thousands of
dollars over the life of a loan.
In a market where homes are moving in days and rates are poised to move up,
timing is everything when securing the right loan or refinancing a home.
Fenske said, "We find that customers who have erroneous items showing on
their credit reports and the documentation to prove otherwise, gain a
tremendous advantage in the rates and programs offered to them following
Rapid re-scoring."
About Great Financial Mortgage:
Great Financial Mortgage is based in Fullerton, California. A top originator
of mortgage loans, Great Financial Mortgage offers a wide range of home
lending services to homeowners and prospective buyers throughout the state
of California via person-to-person attention and its website,
www.greatfinancialmortgage.com . This coupled with their unique ability to
keep ahead of the fast-moving real estate marketplace enables Great
Financial Mortgage to exceed client expectations by making their dream a
quick reality.
© 2004 DebtConslidationDepot.com