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When you consider applying for a mortgage, pull your credit report and review it at least 4-6 months in advance. This will make you aware about your credit report and the errors or inaccuracies in it. If there are any incorrect items, dispute them with the credit bureau as soon as possible. Credit bureaus have 30 days to respond or correct a disputed entry in your credit file.

If you are looking for a quick fix to your credit report, you have hope. Your mortgage company might be able to fix your credit score in as little at 36 hours.

Most of the mortgage lenders work with small CRAs or credit reporting agencies who gather information from the major three credit bureaus and then generate a report based on information provided by the credit bureaus. These CRAs also offer a service commonly known as rescoring to fix your credit report within a few days by working with the credit bureaus. When your score is rerun, it will hopefully reflect a more accurate and higher score than previously noted. Raising your credit score by as little as 15 points can make a difference of a thousand dollars over the length of your mortgage.

The above process has a few disadvantages. It is available only for mortgages and not for any other loans. It is not something you can do on your own since it involves some leg-work. Your mortgage lender needs to cooperate with you and pay a rescoring fee based on the number of entries corrected at each of the credit bureaus. If the rescoring fee is high, your mortgage lender might not be willing to work on correcting it.

Rescoring can only remove incorrect items in your credit report. You must be able to provide a copy of your credit report, receipts you are disputing and any other information that can help resolve the problem in a timely manner.

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