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What is Rapid Rescoring and How Can it Help You?
Lets say you want to apply for a mortgage but your credit score was just a few points shy of landing best possible interest rates due to an error on your credit report or a high balance.
If you tried to fix the error or paid down the balance, it could take several weeks or months for the credit reporting agencies to update your report through the normal channels.
Thanks to our rapid rescoring services that we offer. An updated score is typically generated within about 72 hours Rapid rescoring is simply a matter of providing documentation to the credit bureaus in an expedited manner to get them to update information and shorten the normal reporting timetable.”
The impact of a rapid rescore varies depending on what derogatory items were on your credit report, but imporving your credit score could save you thousands of dollars in interest rates over the course of a loan.
However, it’s important to note that a rapid rescore is different from credit repair. Credit repair is a separate process that often involves a third-party company disputing derogatory items on your credit report that may or may not be accurate. With a rapid rescore, you need documentation that you’d actually paid off a high balance or collections or that an item on your credit report was reported inaccurately.