A credit rapid rescore was introduced in 1999 and it is a process where brokers and lenders can obtain written confirmation from the consumer report company about your inaccuracy on your credit report. Read more for an in-depth look about credit rapid rescores.
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Credit Rapid Rescore
With a credit rapid rescore, you can get a answer on an inaccurate line item in your credit report usually within 48 hours. This proves extremely useful if you are in a situation with a lender where you are buying a house and under a time crunch. A part of your credit report is inaccurate and you need an updated copy as soon as possible to show what is incorrect and to boost your credit score. This can make the difference between getting approved for a loan, getting denied, having a really high interest rate, to having a low interest rate.
Under the credit rapid rescore process, Experian and TransUnion (2 of the big credit bureaus) will provide accurate information to the reseller within 48 hours. Equifax (the third big credit bureau) will take about 5 days or less. The information is then verified by you and also by the consumer report company. Finally, once it is deemed accurate, the changes are made and it is filed and stored with the accurate information.
Make sure your credit report is accurate at all times. You don’t want to be under the gun with a credit rapid rescore when the time is to be clutch.
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Credit rapid rescore is important for if you are in a purchase agreement for a house, car, or big expense, you have a short closing time, and you need to have corrections made on your credit report. This expedited service helps clear out any inaccurate, misleading, or errors on your credit report with a short amount of time to spare. If you have inaccurate date which is causing a low credit score, it is good to get those items removed right away. Any inaccurate data will skew your credit score and lenders and banks do not have a complete picture of what your credit profile is at the time it is requested.
Don’t delay in fixing any inaccurate data on your credit report. If you see something that is not correct you need to file a dispute in writing to the consumer report company. Make sure to provide proof on why it is an error and keep copies of all documents. It is important that you send out the written letter via Certified mail with a return receipt requested. This ensure that the consumer report company receives your letter and starts the investigation right away.
The consumer report company then has 30 days to review your case and they have to respond to you in writing as well. If they deem your case as frivolous, they will outright ignore it. That is why it is important to include all pieces of documentation (copies and not originals) and also clearly state what is inaccurate along with reasoning why.
