credit

How 'rapid rescore' affects your credit

Rapid rescore updates credit files and scores
Rapid rescore updates credit files and scores © Andy Dean Photography/Shutterstock.com

A rapid rescore is a two-step dance. First, corrected or updated information is verified (by the mortgage lender's credit reporting entity), and then it's submitted to the credit bureaus.

With a rapid rescore, the information is added to the consumer's file within days. Then the lender requests an updated credit score.

Not every lender offers the option, says Cay Stull, a loan originator with SWBC Mortgage Corp. "It all just depends on the originator."

But consumers can't get a rapid rescore on their own. It's a service that the bureaus offer for a fee to their clients, which are lenders or residential mortgage credit reporters, says Andrew Smith, partner with Washington, D.C.-based Morrison & Foerster LLP.

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