Using Rapid Rescore
The Instant Solution
Rapid Rescore is a process offered only by mortgage originators. Credit repair organizations do not provide the service. Rapid Rescore allows mortgage applicants the opportunity to update the content of their credit reports – typically within 3 business days. Once the content of the reports is updated, new scores are generated immediately. This saves the amount of time it would normally take for the creditors to update the credit bureaus; often as long as 60 days.
Rescore Requirements
In order to take advantage of Rapid Rescore you must be able to provide your mortgage originator with clear documentation from the creditor of the new information that you would like reported. Rapid Rescore is ideal for prospective borrowers who are in a position to reduce their revolving balances but who would rather not wait for the new balance to be reported in the normal course of business. Clear documentation in this case would entail a letter from the credit card company including your name, account number, and new balance.
Other Applications
Rapid Rescore is also good for forcing the correction of any derogatory information such as collections and public records, as long as you are able to provide clear documentation directly from the creditor or reporting entity.
- Introduction
- The History of Scores
- The Uses of Scores
- Scores Not Included
- Credit Score Confusion
- The Vantage Score
- Getting FICO
- Other FICO Score Names
- Bureau Score Differences
- When Scores Change
- Using Rapid Rescore
- The Nature of Scores
- Credit Score Numbers
- What is Included
- Payment History
- Amounts Owed
- Length of History
- New Credit
- Types of Credit Used
- What is Excluded
- FICO ’08 Changes
- Authorized User Accounts
- Building Credit for Scores
- Credit Repair Do’s
- A Credit Repair Invitation