Some Can Qualify For Quick Fix To Credit Score

DENVER (CBS4) - Coloradans apparently know how to spend. They have the second-highest average credit card debt in the country.

A credit scoring website called Credit Karma says Coloradans carry an average of $8,700 in debt. That's about $1,000 higher than the national average of nearly $7,400. Alaskans have the nation's highest average debt at $9,100.

Those debts can come back to haunt a person. As consumers scramble to get loans on big-ticket items like houses and cars, they're finding their credit scores can ruin the deal.

There is a quick fix to credit problems called Rapid Rescore. It can make a huge difference in a consumer's credit score. It's fast and effective, but it's not for everyone.

Jason and Cathy Masek fell in love with their house.

"We were able to get the corner lot, mountain views, and a balcony and everything we wanted." Cathy said.

But what they didn't get was a high enough credit score to qualify for the low interest loan they needed.

"It was just an unresolved dispute over a health insurance-type deal," Cathy said.

Cathy's credit report came back with a problem. That's when mortgage broker Ben Gehde suggested a Rapid Rescore -- a quick fix to Cathy's credit woes.

"If you get it removed and off your record it's going to help your record score 80 to 100 points," Cathy said.

"They were able to get the creditor to do a one-time removal of the derogatory," Gehde said.

Rapid Rescoring increased Cathy's credit score by a full 80 points. That meant they qualified for a lower interest rate, which then reduced their house payment by $150 per month.

For people who only have one or two issues negatively impacting their score, Rapid Rescore can improve their credit rating in just three days.

"It's not a quick fix for people with bad credit," Gehde said.

Rapid Rescoring is not directly available to consumers -- only to mortgage lenders and brokers. There is a cost of several hundred dollars associated with Rapid Rescoring.

The Maseks have moved in and will celebrate their first Thanksgiving in their dream home.

Beware of any on line service asking to pay for credit rescoring.