If somebody told you how to increase your credit score 50 points, would you be interested?
True Business Solutions is hoping you will be. It’s got a new product called ScoreMaker that provides personalized step-by-step instructions on how to boost your credit score.
Higher credit scores can come in handy, especially when you’re applying for a mortgage. In many cases, a better score will be the difference between you qualifying for a mortgage at a good interest rate, or qualifying period.
ScoreMaker works like this:
Your mortgage broker pulls your credit report
ScoreMaker analyzes the report data in seconds
ScoreMaker tabulates the amount by which your score can be improved
You decide if the potential score increase is sufficient before buying the report
If you purchase the report, ScoreMaker outlines a series of specific steps you can take to improve your score.
ScoreMaker makes two types of suggestions:
Short-term score enhancement recommendations (which take effect in 45 days or less)
Long-term score enhancement recommendations.
Recommendations involve things like paying down debts by specified amounts, resolving credit disputes, utilizing dormant accounts, and removing old or inaccurate items from your bureau.
The product’s scoring recommendations have been derived from thousands of backtests of actual credit report data. In fact, ScoreMaker claims their scoring algorithms are 94% accurate (meaning they closely correspond to Equifax’s Beacon score model).
In the weeks ahead, ScoreMaker will be rolling out two big improvements:
A simulator that tells you how to get a particular score in the cheapest possible way.
An online interface to make ScoreMaker more accessible (presently it’s only available to MorWeb users)
A customized client report costs $49.95, which is a pittance if its suggestions help you qualify for a mortgage, or get a better rate.