Rapid Rescore

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.
 
 
 The 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 goal.


Credit Report Agencies


Equifax
1-800-685-1111
www.equifax.com

Experian
1-888-EXPERIAN (397-3742)
www.experian.com

Trans Union
1-800-916-8800
www.transunion.com



 

 

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Revised: 09/01/14
Rapid Rescore