Rapid rescore isn't for everyone
Rapid rescore isn't credit repair. It can't remove accurate mistakes, such as late payments or bankruptcy, from a report. Instead, it's a tool that mortgage lenders can use, in limited circumstances, to give an accurate picture of a potential borrower's creditworthiness. If that credit history shows mistaken or outdated information, a rapid rescore reflects the credit history immediately after the information has been updated, Davidson says.
A bounce of just a few points in the score can sometimes mean the difference between getting a better rate or even getting the loan at all, says Karen Bailey, a branch manager for Equity Home Mortgage in Portland, Ore.
Davidson agrees. "If it's any situation where they are few points off, it's doable," she says. But the consumer has to have a good track record. "If they've proven they can pay their bills, we'll look at rescoring."