There are times when you can expedite the process of updating your credit report by using rapid rescoring. Rapid rescoring is the process by which a lender, usually a mortgage lender, notifies the three main credit bureaus of recent changes to your credit accounts. This is something you cannot do yourself. [1].
Lenders usually update your account information every 30 to 45 days, so you probably want this to be taken into account if you recently made payments that could help you qualify for better terms on a time-sensitive loan. To provide you with a new, updated score, they can take into account your updated information a little bit quicker with a rapid rescore. [2] Although the time required varies by lender, a rapid rescore can usually be finished in two to three business days following the lender’s submission of the necessary paperwork. [1].
In case you believe that the recent steps you’ve taken could improve your credit score, read this post to learn how a rapid rescore can be advantageous to you.
Feeling frustrated with outdated credit information dragging down your score? You’re not alone. Millions of Americans face the same challenge, often leading to missed opportunities for better interest rates, loan approvals, and even employment prospects. But what if there was a way to force your credit score to update?
Enter the world of rapid rescoring. This innovative process allows you to expedite the update of your credit report with the major bureaus, potentially giving your score the boost it needs to unlock new financial possibilities.
Let’s examine rapid rescoring’s operation, drawbacks, and relative merits to other credit-building tactics before you take the plunge.
What is Rapid Rescoring?
To put it simply, fast rescoring is asking your lender to provide the three main credit bureaus—Equifax, TransUnion, and Experian—with the most recent account information. This can be especially helpful if you’ve recently made improvements that haven’t yet shown up on your report, like paying off debt or fixing mistakes.
Here’s how it works:
- You identify a lender that offers rapid rescoring. This is typically a mortgage lender, but other types of lenders may offer it as well.
- You request the lender to initiate a rapid rescore. They will typically require proof of the recent changes you’ve made to your account.
- The lender submits the updated information to the credit bureaus. This process usually takes 2-3 business days.
- The credit bureaus review the information and update your credit report. This can take an additional few days.
- You receive a notification from the credit bureaus with your updated credit score.
Benefits of Rapid Rescoring:
- Faster updates: Compared to the typical 30-45 day waiting period for updates, rapid rescoring can provide a much quicker turnaround, potentially within a week.
- Improved credit score: By reflecting recent positive changes, your score may see a boost, making you eligible for better loan terms or even loan approval.
- Error correction: Rapid rescoring can help expedite the process of correcting errors on your credit report, saving you time and frustration.
Limitations of Rapid Rescoring:
- Not a magic bullet: While it can be helpful, rapid rescoring doesn’t guarantee a significant increase in your score. It may only offer a small bump or even no change at all, depending on your individual circumstances.
- Cannot remove negative information: Rapid rescoring cannot erase legitimate negative items like late payments or collections. It’s crucial to understand that it’s not a substitute for responsible credit management.
- Limited availability: Not all lenders offer rapid rescoring, so you may need to shop around to find one that does.
- Costs involved: Although the credit bureaus cannot charge consumers for rapid rescoring, the lender may have associated fees.
Alternatives to Rapid Rescoring:
There are other ways to raise your credit score besides fast rescoring, even though it can be a useful tool. Here are some other effective strategies to consider:
- Proactively monitor your credit report: Regularly checking your credit report for errors is crucial. You can obtain free reports from each bureau annually at AnnualCreditReport.com.
- Dispute errors: If you find any inaccuracies on your report, dispute them directly with the credit bureaus. This can be done online or through the mail.
- Pay down debt: Reducing your credit utilization ratio, which is the amount of credit you’re using compared to your available credit, can significantly improve your score. Aim to keep it below 30%.
- Make on-time payments: This is the single most important factor in your credit score. Set up automatic payments or reminders to avoid late payments.
- Become an authorized user: If you have a friend or family member with good credit, ask if you can become an authorized user on their credit card account. This can help you build your credit history.
Remember, building good credit takes time and consistent effort. While rapid rescoring can offer a helpful boost, it’s essential to implement these long-term strategies to maintain a healthy credit score and achieve your financial goals.
Additional Tips:
- Be cautious about rapid rescoring if you have recent negative marks on your credit report. It could potentially lower your score further.
- Do your research and compare different lenders before choosing one for rapid rescoring.
- Make sure you understand the associated fees and terms before proceeding.
- Consider consulting with a financial advisor for personalized guidance on improving your credit score.
By understanding how rapid rescoring works, its limitations, and alternative strategies, you can make informed decisions about whether it’s the right approach for you. Remember, a healthy credit score opens doors to a brighter financial future, so invest time and effort in building and maintaining it.
How do you get a rapid rescore?
The process of getting a rapid rescore is not complicated and requires just two simple steps:
- You are unable to start a rapid rescore on your own, so you must ask your lender to do so. Your lender may also suggest this to you.
- The lender will pay a fee to the credit reporting company (Experian, TransUnion, or Equifax) in order to have recent account changes updated in a timely manner if they approve of it or advise you to pursue it. To allow a lender to submit the fast rescore, you will need to provide evidence of the account changes. [2].
What is a rapid rescore and how does it work?
By requesting that your lender submit updated data to one or more credit bureaus, you can request a rapid rescore, which should result in an updated and potentially higher score. [2] If your credit score is currently a few points below what you need to obtain better loan terms—for example, a lower interest rate on a mortgage loan—or if you are just trying to get approved for a loan, this could be helpful. If you are facing this situation, your lender may recommend, or initiate for you, a rapid rescore. [1].
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FAQ
How do I force my credit report to update?
Can I get a rapid Rescore myself?
Can you ask a creditor to update your credit report?
Why is my credit score not updating?
How do I know if my credit score has been updated?
If you’re due for a refreshed score and report check, this is triggered automatically when you log in. You can see when your scores were last updated under each credit score: Was this helpful?
How do I update my credit report quickly?
This service is offered only through your lender, and you cannot request a rapid rescore on your own . The process works by submitting proof of recent positive changes to your credit
How do I update my personal information on my credit report?
The easiest way to update the personal information on your credit report is to update it with your creditors. Your creditors report your account each month, sending your current balance along with any updates to your personal information like your address. You can also update your information with each credit bureau individually.
How does Experian update my credit report?
Your creditors update the information on your credit report electronically. Therefore, when they send a monthly update to us, the information is updated on your credit report automatically. To ensure you have the most recent information, we recommend that you request a report directly from Experian. How Can I Get My Credit Report?