Rapid Credit Rescoring – What it Can and Cannot Do For Your Score

Too many people have been losing loans or just paying too much interest because of some inaccurate information that has been reported by the credit bureau on their credit report. You may be able to get your credit score recalculated in a few days by a company who specializes in rapid credit rescoring and who has a special relationship with the three major credit reporting agencies.

The rapid rescoring company can only be accessed by mortgage lenders and brokers and not by the general public. This means that if you want to have your credit report rapidly rescored you must ask your loan officer or mortgage broker to do it for you. Those rescoring companies usually charge a fixed fee for each item they fix.

I always recommend implementing a strategy to solve the problems with your credit score at least six months before applying for a home loan but I understand that reality does not always go according to plan. It may still be a good idea to ask for a rapid rescore if you are wanting to make a loan application with a month.

There are things Rapid Rescoring can accomplish for you and things it can’t:

1. You can’t communicate with a rapid credit rescoring service:

This service is usually done by smaller credit reporting agencies. They are the liaisons between the bureaus and the banks and they don’t have the ability to work with consumers directly.

2. They cannot make a promise to help your score:

This is something I talk to all of my clients about. In some cases, deleting “derogatories” can actually harm your score. This is more than likely not the case for you but it is worth noting.

3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:

They can only work on items (derogatory marks) that have not been reviewed by the credit bureaus. You must be able to prove that an error was made.

4. Proof is a must

The best plan is definitely to repair (or restore, or whatever you want to call it) your credit FIRST because the services require that you have the approved dispute in writing. Otherwise, the usually short turnaround time for a “rapid rescoring” takes much longer – but they may still be able to get the proof for you.

A rapid rescorer can only improve your credit score if the creditor admits to a mistake or agrees to remove specific information. For example, you might owe a big balance on a credit card that is negatively affecting your ability to get a lower mortgage interest rate. You can pay off the credit card electronically today and have a rapid rescorer get your credit score recalculated within 72 hours instead of waiting for your payment to show up on your credit report a month later.

Best of Luck.

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