smart spending

How 'rapid rescore' affects your credit

Get your free credit score

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

Rapid rescore updates credit files, 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 Covington & Burling, LLP.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us