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We use a Rapid Rescore tool to Improve Your Credit Score quickly, called the “What-if” simulator to see what your potential credit score increase may be.
We use the Rapid Rescore tool to ask “what if” the borrower paid down a particular credit card with a high balance and/or delete or correct, incorrectly reported delinquencies, collections placed in error and it gives us a guide or decision to determine if we can improve your credit scoreonce a balance is paid down or incorrect information has been corrected.
Reducing high balances on credit cards is one the easiest and fastest ways to use the rapid rescore and try to improve your credit score, it may be the difference between qualifying and not qualifying for a home mortgage loan. This is very important when a borrower is just a few points shy of meeting the required credit score to qualify for a mortgage loan, this tool can also work to get errors corrected by directly providing the credit reporting agencies documentation of the erroneous data or updated balances. In most cases, this process will only take 3 to 4 days to complete resulting in a recalculated credit score.
Credit updates methods can easily take 30 to 45 days to appear on your credit report when completed through conventional means, rapid rescore is only available to mortgage brokers and lenders for their mortgage clients.
With the rapid rescore, the consumer typically contacts the creditor and explains that the account is being reported in error. If the creditor agrees to correct the error, the consumer is provided with a letter indicating they are in the process of correcting this to the credit bureaus. Then you provide this letter to us and we submit it to the credit bureau(s) via the rapid rescore. When paying down a credit card balance we typically only need you to tell us when the updated balance has posted to your account via your online account access.
To learn more about your credit score, tips to increase it along with ways to access a free copy of yours click here.