credit

How 'rapid rescore' affects your credit

It's smart to ask, 'Who pays?'
It's smart to ask, 'Who pays?' © Joseph/Shutterstock.com

Can a consumer be charged for a rapid rescore? That depends on who you ask.

Federal law gives consumers the right to dispute information with the credit bureaus and a dispute "must be investigated at no charge to the consumer," says Katrina Blodgett, a staff attorney for the Federal Trade Commission. But that same law sets out a timeline for standard disputes that can take up to a month or more to investigate and resolve, she says.

Credit bureaus charge a nominal fee to lenders for rapid rescores. Often the lender absorbs the charge. Sometimes the lender passes the fee along to the consumer, Davidson says.

Experian prohibits its clients from charging consumers for rapid rescores, Sweet says.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.75% --0.00 15.75%
Cash Back Cards 16.45% --0.00 16.45%
Low Interest Cards 10.96% --0.00 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

Citi enhances Price Rewind program

The program will now search 60 days for lower prices; the amount cardholders can be refunded has also been raised.  ... Read more

Partner Center
advertisement

Connect with us