How 'rapid rescore' affects your credit

How 'rapid rescore' affects your credit
How 'rapid rescore' affects your credit © Michael D Brow/

When getting a mortgage, "rapid rescore" is a phrase worth knowing.

Credit scores ebb and flow as information is updated to the credit report. While the rapid rescore has "been around forever," the concept of quickly updating a credit history -- and getting a new credit score based on that newly updated file -- has gained traction in the last few years, says Linda Davidson, a loan officer with Service First Mortgage.

"It's much more important today than it's ever been because credit scores have become king," she says.

The market for the rapid rescore is almost exclusively mortgage loans, says Maxine Sweet, vice president of public education for credit bureau Experian. "Those are the ones that are not only rate-sensitive but time-sensitive."

Here are five things you should know about the art of the rapid rescore.

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If you need a better credit score to qualify for a mortgage, a "rapid rescore" might help.

Your credit score can go up and down as information is updated in your credit report. With a rapid rescore, the process can happen more quickly when that's needed most. Corrected or updated information is verified, submitted to the credit bureaus, added to your file within days -- and then the lender can request an updated credit score.

You can't get a rapid rescore on your own; it's a service offered to the credit bureaus' clients, which include mortgage lenders. It can give your credit score enough of a bounce that can sometimes mean the difference between getting a better rate or even getting the loan at all.

Credit bureaus charge lenders a small fee for rapid rescores. The lender might absorb the cost or pass it along to the consumer.

If you monitor your credit report for inaccuracies, you might not ever need the quick rescoring.



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