What is a Rapid Rescore?

Rapid Re-score is an update to improve credit scores on a merged credit profile that a third party lender uses to evaluate a consumers risk level. When a credit report is pulled the lender gets a snapshot of what an individuals credit reports look like at that exact moment. If your balances are high, you have an error on your credit profile, or some other individuals credit is mistakenly listed on your report your score may be 50-100 points lower than it should be. If you supply the lender with proof your balances have been paid down, a letter from the creditor stating that the information listed is incorrect and they are removing it, or a letter stating the information is not yours and your social security number does not match the account, the pulling service will update the report. This update not only removes the error or changes current balances it also re-scores the profile so a new, higher score, can be posted within 48-72 hours. This change costs the lender a fee. Usually the fee is anywhere from $25-$30 per credit report, per account. So if a re-score occurs it could cost the lender $90 per account for all 3 credit profiles. This could become very expensive depending on the amount of errors. For this reason some bankers do not offer this service for their customers. In situations like this we offer a service that will update the current information directly with the credit bureaus.



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