Rapid rescoring services are a legitimate and growing part of the credit industry. Usually offered by independent credit reporting agencies, these services are used by mortgage lenders or brokers who are trying to get better loan terms for their borrowers.
Enter rapid rescoring: You can ask your loan officer to request a rescoring of your file that will correct the underlying errors and raise your scores quickly enough, probably within 72 hours, to obtain the mortgage rate you deserve,,, Individual borrowers cannot contract with credit agencies to perform rescorings.
It’s called “rapid re-scoring.” It’s potentially a mortgage saver--even a home saver--for anybody whose credit scores have been depressed by erroneous information on their credit files or by ill-advised use of their existing credit lines. Say you’re applying for a loan on a new home you want to buy. To your surprise, the loan officer tells you that your “FICO” score is too low to qualify for the loan program you need to swing the purchase.
When you want a loan, a little three-digit number can make a big difference. It's your credit score. If it's high, you get a great interest rate. If it's too low, you may not qualify for a loan at all. There's a new service called "rapid rescoring" that could help you improve your score and save you a lot of time. ...
But rapid rescoring must be done by a lender. It is not something you can do yourself.
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If you're in the throes of qualifying for a mortgage and need a score boost in a hurry, you can speed the process along with rapid rescoring. If you've got legitimate negative information on your credit report, such as late payments or accounts in collections, you're out of luck. But the process of rapid rescoring can help increase your score within a few days by correcting errors or paying off account balances. You can't do this one yourself; you'll need a lender who is a customer of a rapid rescoring service. Generally, the service will run roughly $50 for every account on your credit report that needs to be addressed, but it could save you thousands on your loan.
HOME buyers in search of a mortgage know that their credit history will play a key role in the outcome. And anyone who has tried to improve a credit score is probably aware that doing so can take months or years. But it is sometimes possible for a borrower to raise his credit score in just a few days, using a strategy known as rapid rescoring.
Credit bureaus generally have up to 30 days to investigate disputes with consumers. But we'll let you in on a little secret: Your mortgage lender might be able to get your report fixed in as little as 36 to 72 hours..
