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

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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.73%  0.01 15.72%
Cash Back Cards 16.43% --0.00 16.43%
Low Interest Cards 10.98%  0.02 10.96%
 
Search
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Credit Card Blog

Jeanine Skowronski

Data breach alert: Staples

The office supply retailer is investigating a possible credit card data breach.  ... Read more

Partner Center
advertisement

Connect with us