What is a Rapid Rescore, and can a credit repair company do it?
Rapid Rescore is a great credit score adjustment tool available through mortgage originators; it is not available through credit repair companies. Rapid Rescore allows the mortgage originator to force an adjustment to your credit scores within a matter of days if you have acceptable documentation indicating a change in the content of your report. Rapid Rescore is not a means of disputing reporting problems – that must be done though more traditional credit repair methods. But if you have solid documentation Rapid Rescore can boost your scores when you need them the most, like when you are applying for a mortgage.
The Most Effective Use
One of the best and most effective uses of Rapid Rescore is to update your revolving balances, and to have your scores adjusted accordingly. If you make a loan application and discover that your credit scores are depressed because your revolving balances are too high you can pay them down, contact the creditors for balance letters, and provide the letters to your mortgage broker. He will use the letters to quickly update the balances with the credit bureaus and have your scores recalculated. Given the weight that FICO puts on your revolving balances this can make a huge difference.