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Real Estate Tips

What is Rapid Rescore and How it Can Help You

Lean what rapid rescoring is and how it has the potential to save you thousands when applying for a loan. Having one done could make all the difference.

Madison Clifton
Jul 16, 2019

Have you ever wanted your credit score to update just a little bit faster? You want to apply for a loan, but to get the best rate possible you want your most recently updated credit score. Luckily you do not need to wait the standard month or two to get your updated credit score. Rapid rescore has the ability to update your credit score in anywhere from 3-5 days. Learn how this opportunity works, and how to use it to your advantage. 

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What is Rapid Rescore?

Rapid rescore is a method that lenders can use to give you an accurate credit score if there is an inaccuracy on your credit report. You must be able to provide proof that there is an inaccuracy that needs to be corrected. Credit reports can take 30 to 60 days to update, and a rapid rescore pushes your update to the front of the line.  It can update your credit score in as little as three days. 

The goal of this method is to make corrections to your credit report that will improve your credit score. As you probably already know, there are a few substantial benefits to an increase in your credit score. Removing negative items from your credit report thus improving your score, may make it easier to get approved for a loan. This is the primary reason rapid rescoring is used. Especially since a lender must be the one to order a rapid rescore. 

You are not able to conduct a rapid rescore on your own. It is necessary to go through a lender. Often people will use the lender that they are applying for the loan through. The lender is able to go through a third party provider. The third party provider takes care of the logistics that are needed to quickly update your credit score. Rapid rescoring is a service lenders provide, and are not able to charge you are separate fee for under federal law. While this is true, you will pay for your lenders capabilities in the closing costs and interest rate of your loan.  

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What It Does Not Do 

Rapid rescoring can be misinterpreted as a fast track to a substantially higher credit score. It is important to understand both what rapid rescoring is, and what it is not, in order to make a decision that will be helpful for your situation. 

Not Credit Repair. Rapid rescoring is not an outlet for credit repair. It is simply a fast track to get an updated credit score. You will not be able to negotiate or dispute anything and everything that is negative on your credit report. Only items that you can provide proof are incorrect will be able to be corrected. Rapid rescoring is only meant to update or correct your credit score. Then, provide you with the updated score in a few days.

Expect Small Gains. If you are looking for a substantial gain in your credit score, a rapid rescoring will not give that to you. Thankfully, lenders are usually only looking for a slight bump, around 20 points, to help get your loan approved. Even if the increase seems small, talk to your lender about what a slight bump in your credit score could do for you.

When To Use It

An instance where using rapid rescoring could greatly benefit you is when buying a house and applying for a mortgage loan. Say a 20 point bump in your credit score would put you in a category of borrower that pays a slightly lower interest rate. You can then pay off some credit card debt in order to increase your credit score. This payment will not process and affect your credit score for 30-60 days though. This is where a rapid rescore comes in. Once you’ve made the payment you can go to your lender, ask for a rapid rescore and provide proof of your credit card payment, then your credit score will be updated in a matter of days. 

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How Rapid Rescore Can Help You 

A rapid rescore has the potential to save you thousands of dollars in interest rates over time. If a slight increase in your credit score would give you a lower interest rate on a costly loan, it definitely worth considering. Make sure to consult with your lender and get their honest opinion of how a rapid rescore will affect your credit. Every situation is a little different depending on the corrections or updates that you need to make to your credit report. Your lender should be able to give you good advice on if a rapid rescore will be beneficial to you. In the end, it could make all the difference. 
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