More Ways to Use CreditXpert Essentials
As you saw in the previous example on using CreditXpert Essentials, simply using the default settings can produce great results for your borrower's credit score and your loan. In this example, we'll show you more ways to use the tool including specifying the number of points you need and using rapid rescore mode when you need points quickly.
Specifying The Number of Points You Need
In this example, the borrower needs 10 points, and needs them quicly to close the loan.
- Check the Rapid Rescore Mode box.
- Clear the Available Cash box and type 10 into the Score Improvement box.
- Uncheck Transfer Balances and Open New Accounts to indicate that you do NOT want these Actions as they may take too long to implement in this specific case.
As anticipated, this modification produces a different result than in the previous example, requiring a different Action.
- Note: Checking the Rapid Rescore Mode box will negate the effect of one month of time aging the credit file (letting one more month pass while making regular payments and incurring no additional liability will often slightly help the score).
Hopefully, you have achieved your credit score improvement goal and are ready to review the results with your consumer. You may now either print the result or close the window. If you choose not to print the results now, your last result will be saved for later viewing. You may also choose to run the scenario again by clicking Open (which has now replaced the Order option). Avantus also alerts you to the number of days remaining until your original order will expire. After 30 days, your order will incur another fee.
Remember, it is always best to work with a fresh/recent credit report, in order to obtain the most accurate predictive power of the CreditXpert products.