Rapid Re-score is a technique by which negative information can be removed from your account, errors can be corrected and balances can be updated. If you are applying for a mortgage loan, refinance loan or equity line of credit and your credit scores are low, your lender or mortgage broker can have your scores re-analyzed through the method of rapid re-score.
It can only be done through a lender or mortgage broker who is a customer of a rapid re-scoring service. Generally, you must have proof that a payment was made on time or proof that the errors in your report are truly errors. As for balances, if you have cash on hand and want to pay down a balance for an immediate boost in your credit score, rapid rescoring is the answer.
The lender will usually charge a fee for every account that is corrected. But rapid rescore is well worth the money in order to avoid a bad credit mortgage loan or a bad credit home equity loan. New information can be posted in as little as 72 hours!
Accounts can be deleted from your credit file. Status of an account can be changed from "30 days late" to "paid as agreed." Collection accounts can be quickly paid off and deleted from your credit report. You can even pay down or pay off a credit card and have that reflected immediately on your credit report to increase your credit score.
