what is rapid rescore and how does it work?

Rapid Rescore is a service the creiedt reporting services allow us to use. We supply them written verification of the account(s) in question and they will update them to your permanent report and the new score within a week so you do not have to wait for the normal time it would take for the creditor to report the change to the credit bureaus. In some cases, it can save as much as 60 days time.

Its a way to have a recent action taken to improve your credit score immediately reflected in an updated credit report. Lets say you need to pay something off on credit to boost your score by a few points to qualify for a better rate. You would pay off the required item and provide the proof of the payoff to the credit reporting vendor your lender uses for their credit reports. The vendor will contact the creditor, Eqfx, TU & Expn, to have that tradeline updated to reflect your payoff. Rather than waiting for the payoff to cycle thruto the next reporting cycle, the vendor will have Eqfx, TU & Expn update their files immediately. This update will include rescoring the credit based on the action taken. Hence the name Rapid Rescore.

Rapid rescore is a product offered by credit companies that allow you to make changes to your credit profile, and rather than waiting 30 to 60 days for those changes to show up on your credit report, they show up in a matter of days.. This is a good product and as mortgage brokers, we use it frequently. Let's say you got prequalified and it took 3 months to find your home. Your lender puts together a new loan packet, and then re runs your credit.. But now your scores are below the minimum.. He sees that your credit card balances are more than 30% of your allowable limits.. He suggests a "rapid rescore". You make payments to your credit card's bring your balance below 30%, gather up your supporting documentation, and submits it to the credit company. They do a rapid rescore, and 3 to 5 days latter your credit score has moved back up.. Great product.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Rapid rescoring is not credit repairProponents of rapid rescoring are quick to point out that it's not a form of credit repair -- an industry whose bad apples promise, illegally, to erase accurate negative information from consumers' credit reports. Rapid rescoring should only be done through a mortgage broker or lender. "I'd be a little leery actually of anything that offered a rapid rescore directly to the borrower," says Leisure. "That almost borders on credit repair and when it comes to credit repair, I just say 'no.'"Typically, a rescore costs between $25 and $30 per updated account. However, your mortgage lender or broker is supposed to pay for the service, not you, says Leisure."I know there are a lot of mortgage brokers who pass the cost of a rescore on to their borrowers. But they really aren't supposed to do this," she says. That's because credit reporting agencies view rapid rescore requests as an "expedited dispute process," she says and, under the Fair Credit Reporting Act , borrowers aren't allowed to be charged for disputing inaccurate information. "A lot of loan officers will tell you they are not aware of this, but they are," she adds. "It even states on our forms that the mortgage company fills out to request a rescore that the borrower cannot be charged for it."It's also important to remember that the only information you can dispute is inaccurate information, says PFS Funding's Parsons. "What we find is when somebody's got a low credit score, they have lots of excuses for why this [negative information] is on their report," he says. However, you can't explain away accurate blemishes, such as missed credit card payments.Nor can you make them magically disappear. "A lot of people don't realize that," he adds. They will pay off a delinquent account and expect it to fall off their report. However, it doesn't work that way, he says. When it comes to negative but accurate information, all you can do is wait up to seven years for the negative information to disappear.

It is a way to quickly boost your credit. Good Luck!

I have a very good relationship with a credit restoration company email me at yourloanpartnerforlife@live.com at about 75% less than anyone else out there... linda

Rapid Rescore or similar programs offered are very useful if you need to have ERRORS removed from your credit report. Errors only, and they must be documented. If there are late payments, collections, etc. that are ACCURATE, don't waste your time or money.