A Rapid Rescore is one of the simplest methods to improve your credit score in less time by submitting proof of positive credit behaviors to the three major credit bureaus. This is extremely beneficial and can help you in improving your credit score by 100 points and more within a day as soon as the erroneous or negative records are erased from your credit profile.

What are the advantages of Rapid Rescore?

As we all know that the credit scores are considered as the benchmark for getting a mortgage from the financial institutions. The problem arises when your credit scores are low and your mortgage applications are rejected. This is the time when you need to fix up the issues by paying the balances so the poor records are corrected and your credit scores are improved. This is quite essential in taking secured loans especially while buying a home.

How can you raise your credit scores within days instead of Months?

The method of rapid rescoring helps in improving your credit scores faster than other methods.

This process is largely used by the mortgage lender and the financial brokers to assist their clients in improving the credit scores of the borrowers in a fast manner.

The issues like charge-offs collection delays and right offs can be corrected within a few days with rapid rescore method instead of months. The changes in the credit score depend on the issues being resolved and the overall credit profile of the borrower. The changes in credit score can range from a few points to hundred plus points.

Rapid Rescoring vs Credit Repair

The process of rapid rescore shall be carried out with the help of the mortgage lender or mortgage broker and one shall not reach credit repair companies for the same.

As per the norms of the Fair Credit Reporting Act (FCRA), the borrowers are not supposed to pay for brining inaccurate information on their credit profile to credit bureaus notice or filing a dispute on the same. Apart rescoring is not deemed as disputing the negative information by any means.

The charges for rapid rescoring are quite higher and ranges from $25-$40 per account with one credit bureau. There are three main credit bureaus and while updating the records with each you have to pay thrice for one update. For example, if you are looking for a correction in four accounts then you require twelve updates for completing the process of rapid rescore. Thus; total approximate charges are as below:

• 12 total updates @$40 per update
• $480 total

It is mentioned in the FCRA ACT that this fee cannot be charged from the borrowers by the Mortgage lenders and brokers. However rapid rescore is not available with all lenders or brokers.

Process of Rapid Rescore

Firstly you need to obtain a copy of your credit report. As per the federal regulation, you can receive a free credit report once a year from the major credit bureaus like as Equifax, Transunion and Experian.

The borrower can initiate with the free report but lenders are required to obtain the credit report copy on their behalf to initiate the process of rapid rescore.

The process of rescoring depends on various factors that need to be corrected. If the scores are falling low because of the high credit card balance you need to pay the balance before starting the process. The procedure of rapid rescore is as follows.

• Finding the reasons for low credit scores

• Assessing which records can be corrected

• Paying the credit balance or collecting documents for erroneous records

• Reporting the creditor and obtaining the updated records

• Submitting the corrected records to the lender

• Lender initiates the rapid rescore process

Generally, the lender gets an updated report within three to seven days of completing the process.

Rapid Rescores helps in faster mortgage

Usually, it takes months to obtain the new credit report which can be completed within few days with rapid rescore.

The pre-approval letters are issued only if the credit score is high. It is one of the important things while you start to buy a home. The traditional methods for improving the credit scores are very time consuming while the rapid rescore can taking an active approach to improve your credit scores.

This process is quite useful to get qualified for a mortgage by improving the credit scores.

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