Rapid Rescore

Has anyone heard of rapid rescore? Can you share information on this topic please?

I am looking for the companies that do this service.

- Charlie[ Edited by CharlieG123 on Date 04/14/2004 ]

Comments(9)

  • kenmax15th April, 2004

    is it available on-line.

  • wiseandfaithful15th April, 2004

    Start with your local big franchise type retail banks. Most of the loan originators in those type of banks know about that program. Usually it cost money to do, If done right it could boost your scores in 48-72 hours

  • kenmax15th April, 2004

    i know that the banks and loan orginators have this loan repair available i had credit repair done when i applied for a loan in "95 it took a couple of days. i was just wondering if there were any programs on-line...thanks

  • KyleGatton15th April, 2004

    It wont be on line because it has to be performed by a licensed mortgage broker. Make sure you get someone that knows what they are doing as if done improperly it will make a negative impact on your credit.

    Good Luck,
    Kyle

  • kenmax17th April, 2004

    thanx for the info. guys. kenmax

  • active_re_investor19th April, 2004

    Anyone care to provide a quick summary as to how such a program works? Something I have not heard of so thought I would ask.

    John[ Edited by active_re_investor on Date 04/19/2004 ]

  • CharlieG12320th April, 2004

    Thank you all for posting.

    My goal in this post as a mortgage broker was to some resources for myself to find people who do rapid rescoring and provide some information to other investors who do not know about this service.

    The basic idea of rapid rescore is that a mortgage broker/banker will charge the potential borrow about $100 per removal. They in turn have a company that will contact the credit bureau to change an inacuarcy in the credit reports. This is done very quickly. (a matter of days/hours as I understand it.

    Any inaccuracies are mine. I have not yet contracted with these companies yet. So I am just sharing my knowledge/ lack there of and hopesome one will fill in the gaps.

    - Charlie

  • jgudis20th April, 2004

    Rapid rescore is NOT performed by the MB. It is performed by the credit reporting agency via the credit bureau. Borrowers are not allowed to pay for the service. When a rapid rescore is requested by the MB the bureaus manually verifiy the information. If an error is found the report is corrected and rescored. If the account, collection, judgement, lien or whatever is verified the score stands. It typically takes between 48-73 hours. My experience as a MB using rapid rescore is make sure the borrower is telling the truth if not it will probably backfire and be verified.

  • CaseyEllsworth24th April, 2004

    I used www.clearcredit.com. It was a little pricey, but effective at removing information that was not accurate and/ or could not be verified. It took just as long as if I would have disputed the items online through the major credit reporting agencies web sites. I suppose you are paying for the convenience. If I had to do it again, I would have done it myself and put the cash towards lowering some credit card debt or something more productive.

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