Rapid Rescore Explained

If you need help raising your credit score, a rapid rescore service might be able to help you accomplish this. The rapid rescore is a relatively new service that is offered to individuals that need help with their credit scores. Here are the basics of the rapid rescore and how it works.

Rapid Rescore

There are many different companies that offer the rapid rescoring process. In fact, according to recent estimates, there are over 200 companies in the industry with the ability to perform a rapid rescore. These companies have agreements with the three major credit bureaus in order to quickly change the credit history of a client. Typically, rapid rescore companies were directly with lenders in order to help get borrowers approved.

How They Work

In most cases, you will not be able to access a rapid rescore company directly. There are many companies out there that claim to be able to fix your credit in 24 hours, but most of the legitimate ones only work with lenders. Therefore, if you decide that you want to fix something on your credit history, you will need to go through your lender first. The rapid rescore company will charge you a nominal fee of approximately $50 to $100 in order to perform their service for you.

The rapid rescore company will contact you and talk you about your credit report. If your credit score is too low, they will ask you how many points you need to recover in order to accomplish what you need. For example, if a mortgage lender tells you that you need another 30 points on your credit score in order to get approved for a loan, you can tell the rapid rescoring company that this is the value that you need. The company will then look at all of your credit reports and do a comprehensive evaluation of them. Typically, one of the credit reports will be pulling down your credit score average from the other two. The rapid rescoring company will then focus on bringing up the score from that individual credit bureau. 

First of all, they will look for any mistakes in your credit report. Sometimes things will get assigned to your credit report that do not belong. If this is the case, they can quickly and easily remove the item from your report.

Once the rapid rescoring company determines what is bringing down your credit score, they will contact you to come up with a resolution. You might have to provide them with some type of documentation in order to have them correct the problem for you.

Time Frame

This process is called rapid rescoring because it works amazingly fast compared to the traditional methods of repairing your credit. If something is identified that can be fixed, the company will usually have the problem fixed within 2 to 3 days. By comparison, it usually takes 90 days to get something removed or added to your credit history.