What’s The Rescore

Hi Paul,

My husband and I are in the process of buying a home and we were working with a mortgage broker who said he could raise the credit score to the mid 600s so we can qualify for a FHA loan and get a good rate. However, since he’s claimed to be working on increasing the credit score, it has gone down 10 points. I ordered a copy of my report and saw that he pulled the credit 3 different times and that there are several inquires that I didn’t authorize. I think this reduced my score. What can I do about this?

I also paid on a judgement and lien years ago but it is not reflecting on the report. I filed a dispute with the CRA.

From reading your site I became aware of rapid rescoring. Should I ask my mortgage broker to do a rapid rescoring to improve my score so we can get the loan? What do you suggest?

Mary

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Hi Mary,

It may be possible that the three inquiries are the result of one tri-merged credit report with the three bureaus, Equifax, Experian, and TransUnion, and conversely if they were three inquiries on the same bureau then IMO you need to find another mortgage broker.

Would a rapid rescore work?  If you had a copy of the satisfaction of judgment, you would be able to update that through a rescore. 

Read: Rapid Rescore

Thanks for the questions and hope this helps.

Paul