If you need to have your credit file reviewed and
rescored and you have a limited time in which you can wait for your new credit
score, you may be an excellent candidate for the Rapid Rescore Program.
Rapid Rescore process is fairly simple and straight forward. The process
only works on accurate reporting information (meaning you must correct the
problem listed on the credit report prior to initiating the Rapid Rescore).
Once you have taken appropriate action to
correct the issue (i.e. pay the debt owed, obtain proof that an item on the
report is faulty). You will work with your financial advisor (many times a
mortgage broker) to initiate a rescore. These can be costly but many times
they are well worth the fee. Commonly, the Rapid Rescore costs the
consumer $150 per credit item, per credit bureau. This means that if you
have one item that needs correcting, and you need the correction on all 3
bureaus, you will need to pay $450 to have the Rapid Rescore completed for that
item. The bureaus claim that the rescore will be completed within 3-5
business days. While this is the norm, there are occurrences which can
lead to a much longer wait time. For instance, you initiate a Rapid
Rescore but one of the bureaus questions your method of proving your case.
That bureau may very well hold things up while they investigate. This
could take an extra day, or an extra week. If you need the Rapid Rescore
to qualify you for a mortgage or other loan of significant dollar amount, the
Rapid Rescore Program is a reasonably priced solution and probably your best
option if you are short on time.
If you have further questions regarding a rapid rescore, contact your
lender, or other financial advice contact. They will most likely have
performed rescores in the past and will be able to assist you in pursuit of your
Credit Report Agencies
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