How can a Rapid Rescore raise your FICO scores?

Rapid rescore is a process used in the mortgage business to quickly update and improve a borrower's credit score for mortgage loan purposes. It involves working with a credit reporting agency to expedite the process of correcting errors or updating credit information.

A Rapid Rescore can potentially raise your FICO scores by addressing inaccuracies or outdated information in your credit report. Here's how it works:

  1. Identify and correct errors: If your credit report contains errors, such as incorrect payment statuses or accounts that don't belong to you, a Rapid Rescore can help rectify those mistakes. By providing documentation or evidence to support the corrections, the credit reporting agency can update your credit report accordingly.

  2. Update credit information promptly: In some cases, your credit report may not reflect recent positive changes, such as paying off a large debt or resolving a delinquent account. By providing proof of these updates, such as updated account balances or payment confirmations, a Rapid Rescore can ensure that your credit report accurately reflects the improved situation.

  3. Impact on credit utilization: Credit utilization, which refers to the amount of available credit you're using, is a crucial factor in calculating your FICO scores. If your credit report shows high balances or maxed-out credit cards, a Rapid Rescore can help update your credit utilization ratio by reflecting lower balances, which can positively impact your credit scores.

  4. Expedited score calculation: The credit reporting agency works with the lender to request a rapid recalculation of your credit scores based on the updated information. This expedited process allows your lender to receive the updated scores quickly, potentially resulting in improved loan terms or eligibility.

It's important to note that a Rapid Rescore can't remove accurate negative information from your credit report, such as missed payments or bankruptcy. However, by addressing errors or outdated information, it can help ensure that your credit report accurately reflects your creditworthiness, which may result in higher FICO scores.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.