Rapid Rescore

What is a Rapid Rescore, and can a credit repair company do it?

Rapid Rescore is a great credit score adjustment tool available through mortgage originators; it is not available through credit repair companies. Rapid Rescore allows the mortgage originator to force an adjustment to your credit scores within a matter of days if you have acceptable documentation indicating a change in the content of your report. Read More »

I paid down all my credit cards. What can I do to get my scores to reflect the new balances?

If you are not in a hurry, all you need to do is wait. Your credit card companies will report your new balances to the bureaus in the normal course of business. Normally it takes between 45 and 60 days for the new balances to report. If you are concerned you can also call your credit card companies and ask them when they send updated balance information to the bureaus. Read More »

I’m planning to apply for a mortgage next month. Any last minute advice?

Good luck with your mortgage application! Your six months of credit repair really paid off and your credit looks great. I’m sure there will be no problem. Having said that, mortgage lenders set interest rates based on scores. And they use a sliding scale which allows for small incremental changes. Read More »

Credit Repair and Rapid Rescore

Rapid Rescore is a quick credit score adjustment process available only to mortgage originators. Rapid Rescore is a quick credit repair tool for those who are applying for a mortgage and need a fast score boost to meet the qualifying guidelines. Rapid Rescore is normally processed within 72 hours. But, unlike many other credit repair techniques you must have solid creditor documentation.

For example, if after a careful review of your credit report you determine that it would be beneficial to reduce a credit card balance you must pay the card down and obtain a letter from the creditor stating your new balance. You would then provide this letter to your mortgage broker or lender and they will submit it for Rapid Rescore.

Rapid Rescore does not work for common undocumented credit repair disputes, nor can you use peripheral documentation, such as attorney letters explaining your innocence. If you cannot document your issue per Rapid Rescore guidelines you may need to delay your mortgage application and take the time to pursue a normal course of credit repair.