Experts: Rapid Rescoring May Help Save Damaged Credit Scores

By Ginger Allen, CBS 11 News

DALLAS (CBSDFW.COM)– As consumers still feel the effects of the recession late into 2010, many financial experts advise those who watched their credit score nosedive to research rapid rescoring, which often identifies damaging inconsistencies in credit reports.

“Rapid rescoring, used in the right way, gives us the ability to save the consumer money,” said mortgage lender Rodney Anderson.

Rapid rescoring is not a quick fix for bad credit. It’s a way to improve a credit score by identifying errors and correcting them while telling the consumer which credit cards to pay off when. Both of these, Anderson said, will raise a score significantly. And those who have bought or refinanced a home know how valuable each credit point is.

“You raise your credit score 40 points, you get a better interest rate that could cost you $100 per month,” Anderson said. And “$100 per month over a 30 year mortgage is $36,000 (saved.)”

Forney resident Courtney Beene spent the summer planning her wedding. She and her fiancé also found her “perfect little starter home,” she said.

The timing aligned perfectly with the former owners of the home: They needed out quickly, and Beene and her fiancé needed in.

Then she got a phone call from her lender, who told her that her credit report showed three unpaid medical bills. Those bills lowered her credit score so much that she failed to qualify for a loan.

“I was hysterical,” Beene said. “That’s not exactly the conversation you want to have when you’ve found your house.”

To make matters worse, Beene said she was sure she’d paid those two outstanding bills off.

“I don’t know how it got there, I didn’t know where those bills came from,” she said. “I was completely blindsided.”

Anderson said he knows how overwhelming these situations can be.

“It can be daunting,” the Dallas-based mortgage lender said, “because 79 percent of Americans have at least one error on their credit report.”

Normally, changing a credit score takes an average of at least 30 days, which is often too long for hopeful homebuyers deep into the purchasing process.

“Anything in the credit world that can happen in a week or two weeks is extremely fast,” said Eddie Johansson, the president of Credit Security Group in Carrollton.

Credit Security Group specializes in rapid rescoring. Johansson said lenders often turn to him when a client’s credit is on the line.

“I meet with the consumer in person, go through that credit report, identify where the points are, and then just ask them, ‘is this accurate? Is that accurate? Can you pay this credit card down,’” Johansson said.

Part of the usefulness of rapid rescoring is that it turns knowledgeable financial experts into advisers who are able to break down the fastest ways to clean up a credit score.

Johansson explained that some consumers may have a card with a $300 limit, and owe $270 on it. That same person may have another card with a $30,000 limit and $27,000 charged to that. Each card is at 90 percent capacity, but Johansson said that paying off the smaller card will raise the credit score the same amount as paying the higher bill would.

“Credit card debt can easily be 60, 80, 100 points. And it can be just two maxed out $300 cards,” Johansson said.

Beene used a similar service and corrected the mistakes on her credit report. She also paid off an overdue bill and raised her credit score 25 points. She did this in enough time to buy the home she wanted.

But Anderson and Johansson warn consumers to be careful of which company they choose. Many that advertise being able to fix “bad” credit can be a scam. Rapid rescoring is a process that only a lender has the right and ability to do.

The process can cost anywhere from $250 to $2,000.

  • coretta jackson

    its good to know that there is help out there.

  • Donnett Thomas

    I would like to know how to boost my credit score

  • MJ

    Eddie Johansson and his company CSG has helped me so much. Mr. Johansson is very smart and knows hie business well. I would recommend his company to anyone who needs credit score help. I am a single mother who started nursing school when I was very young with an infant. During that time I ruined my credit mostly due to ignorance about the importance of paying my bills on time and some was due to just struggling financially with a small child, one income, and being a nursing student. Now things have changed so much for me and my daughter. I had the worst credit scores ever and after CSG and Eddie Johansson’s expertise and kindness I was able to qualify for a construction loan and built my dream home. I had been renting for 20 years and now because of people like Mr. Johansson and CSG I own a home. Please beware there are many companies out there that are frauds and will make you false promises. This happen to me with another company and I lost money!! This is not the case with CSG and Eddie Johansson. Even CBS realizes that he is the real deal!! Just call CSG and ask questions. What will it hurt to call? Your family’s financial future depends on it. Thank you CSG!!

  • Wayne Beard

    As a realtor dealing with client’s credit issues all of the time I have found Rising Point Solutions in Grapevine to be an excellent credit repair company no matter what your situation.

  • Steve

    This is that news story you were taking notes on to look at.

  • MaryAnn Rainey

    Please help me… I have unsuccessfully tried to find a link to get help from Ginger Allen regarding a fraudulent alarm company.
    Thank you,

  • The DallasLoanGuy - Tom Burris

    Wow…. Now I know where the phone calls are coming from.
    I was wondering why I was getting so many Rapid Rescore calls recently.

  • Jason Hall

    Rapid Rescore works! And it’s available to the general public, not just those seeking a mortgage.

    “Thanks very much Jason. The difference is incredible! I’m so happy. Rapid Rescoring is amazing! Thank you so much for your continuing help, it’s wonderful working with you. – Joel Sent from my Verizon Wireless Black.Berry”

    Rapid Rescore is the fastest vehicle to getting your credit scores increased in only 5-7 days.

    Call me today at 877-254-1900 to fine tune your FICO score.

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