Rapid rescore updates credit files and scores
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.