What is Rapid Rescoring?

Rapid rescoring originated in the mortgage industry because they were losing so many clients due to credit problems. Rapid rescoring is not offered by the big three credit bureaus Equifax, Experian and TransUnion.

Instead, it is offered by the smaller credit resellers that serve as middleman between the bureaus and lenders. Rapid rescoring is offered by resellers to the mortgage industry, the mortgage originator must request and pay for the “Rapid Rescore”.

The typical dispute takes 30-50 days before you see results. However, with rapid rescoring it can be done within 72 hours. The mortgage broker will submit supportive documentation to the reseller in which they will forward it directly to Equifax, Experian, and TransUnion. Rapid rescoring is not cheap. It can cost $30 – 50 per trade line per credit bureau.

In order for a rapid rescore to be accepted by the credit reporting agencies through the reseller, the submitting mortgage broker/lender MUST provide documentation that the item that in question is in fact a valid dispute.

Items such as paid collections, improper reporting balances, outdated judgments etc, can all be updated and removed via “Rapid Rescore” with the proper verifiable documentation. Each item that an update is requested on, must be presented with documentation and a fee for the rapid update.

The reseller then, takes the typical dispute and puts it in front of the “dispute line” for the credit reporting agencies to quickly act upon. The resellers get this privilege, and get to resell this service because of the volume that they purchase from the credit reporting agencies and the fees that they share with them.

There is also no guarantee in the change in score from a rapid rescore. Sometimes the negative item gets removed and only results in a boost of 7 points. There is also a chance that the documentation will be rejected by the credit bureaus. In essence there are no guarantees with rapid rescoring so it is not recommended as a method of fast or emergency credit repair.

However, if you client is trying to get approved for a mortgage and there is a bankruptcy showing up on their credit report that is not theirs, it is worth rapid rescoring to attempt to remove it.

Leave a Comment

Your email address will not be published. Required fields are marked *

The reCAPTCHA verification period has expired. Please reload the page.