Rapid updating

Rapid rescoring should only be done through a mortgage broker or lender.

A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all.

But take heart: If errors are dragging down your score, you can get them fixed, just in time for your much-anticipated closing.

"It even states on our forms that the mortgage company fills out to request a rescore that the borrower cannot be charged for it." It's also important to remember that the only information you can dispute is inaccurate information, says PFS Funding's Parsons.

"What we find is when somebody's got a low credit score, they have lots of excuses for why this [negative information] is on their report," he says. They will pay off a delinquent account and expect it to fall off their report. When it comes to negative but accurate information, all you can do is wait up to seven years for the negative information to disappear.

"There are some credit cards that report to the bureaus at the beginning of the month, some at the end of the month, some only every other month," says Leisure.

"By doing a rapid rescore, we can get that information corrected within three business days." For Byron Nelson of Dallas, getting his score updated faster meant getting approved for a home loan that he may not have qualified for otherwise.

"It's hard to qualify for a loan, but if you qualify, the rates are phenomenal," she adds.

How rapid rescoring works A rapid rescore is essentially "an unofficial updating of the credit file," says Wayne Sanford, president of the Texas-based credit consulting firm New Start Financial.

"In today's world of apps and instant feedback and real-time data, I think that rapid rescoring is something that people are going to expect," says Carlson.

As people get used to on-demand answers, waiting a month or more for a credit score to be recalculated just isn't going to cut it.

"That almost borders on credit repair and when it comes to credit repair, I just say 'no.'" Typically, a rescore costs between and per updated account.

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