Rapid Rescoring

Everyone wants to improve their credit. Who doesn’t want good credit? There are standard methods of improving your credit. Some are faster than others. The best way, which may not be the easiest or quickest, is to establish new credit and build your score by making regular timely payments and not carrying large balance. This takes time, most likely years! Time may not be an option for some, most want to snap their fingers and have the problem fixed. One method of improving your credit score is rapid rescoring. The idea behind it is that you fix your credit report by updating it. Things like errors, credit repayments removed rather than waiting for the credit bureaus to update it. The credit bureaus typically are lagging behind what a lender can do.  A lender may be able to access the system and fix errors/changes within days when the bureau may take months to investigate. Rapid Rescoring gets its name because it speeds up the process.

Limitations

Before partaking in this process, it may be best to review some of the method’s limitations.

Please be sure to speak to your lender about if it is right for you, as it isn’t for everyone. If you don’t play your cards right then it may actually lower your score which isn’t what you are trying to achieve. It is important to know your risks involved.

All of this may seem like the solution to your problems but it isn’t a miracle worker for your credit. Rapid rescoring will generally produce small changes to your score. A larger negative error catch may produce a 100 point increase but typically you may gain 10-20 points with small errors. It should be said that it may be a credit booster but will not repair or fix your credit, especially if you are in a large rut. 

Another limitation that needs to be cleared up is that rapid rescoring doesn’t just delete things from your credit report. The items need to be errors or are false. You can’t just delete things that negatively affect your score. That would be nice for consumers but it just isn’t possible. Because of this, you may not see a huge increase in your score from the discrepancies but it is worth the investigation.

What is the Process

Rapid rescoring can be done by contacting your lender directly. Lenders are able to contact the credit bureaus directly and will in turn speed up the process. Most updates will take a few days or around a week so it is important to factor that into your plans. It is also important to note that such updates are a service provided for free! It is against the law for a lender to charge for these services.

In conclusion, if you need a boost of your credit (and not an all together fix) then rapid resourcing could be a great resource for you.  You can also look into tradeline companies for fast credit repair options.  We recommend coast tradelines as one very reputable company.