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Rapid Rescore

Rapid Rescore is a great tool if you want to change your score quickly and you have proof that an item on the credit report is incorrect, has been corrected, or has been paid off. Rapid Rescore is a service that my credit reporting vendor provides to me so that I can provide it to my clients.

Corrections or changes made to credit accounts often take anywhere from one to three months to be reflected on the credit report. Rapid Rescore is used if we have proof of the change and don't want to wait until the change finally shows up on the credit report. During the purchase of a home, time is often in short supply. If a quick increase in credit score is needed to qualify for a better loan program, Rapid Rescore is often the right tool to quickly raise the score.

Here's how Rapid Rescore works. If the borrower's credit report has an item that has been reported incorrectly or has been corrected or paid off, A Rapid Rescore can be run if the borrower can obtain sufficient proof of the correction. This proof must be in the form of a letter from the creditor on the credit report stating that the item has been corrected. This letter must mention the borrower's name and also must reference the account number appearing on the credit report. The borrower sends that letter to me and I submit the letter to my credit reporting vendor. My credit reporting vendor contacts the three credit bureaus and the credit score is corrected for the specific transaction that the Rapid Rescore is being used for. Normally the process take about 5 working days for the credit scores to be adjusted.

It is always a good idea to run the What-If Simulator on a credit report first to see what effect the change is likely to have to the credit score. If we run the What-If simulator, we can have a good idea of what kind of score improvement our actions are likely to bring.

 

 

 

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Brought To You By
Mark Harmon, Realtor

CalHFA Preferred Loan Officer
USA Realty and Loans

Brokerage Main Office
3994 Carson St.
San Diego, CA 92117