Rapid Rescore - CIC Credit (2024)

FAQs

Does rapid rescore really work? ›

However, it's important to understand that rapid rescoring is generally only helpful if someone is actively evaluating your credit scores, such as when you apply for a loan. A rapid rescore also can't undo a credit history full of late payments, delinquent accounts and other damaging behavior.

To get a rapid rescore, a lender will collect proof of updated account information—documentation showing the borrower recently paid off their credit card, for example—from the potential borrower.

Unlike traditional updates to your score, which can take anywhere from 30-60 days, the rapid rescore may typically takes 2-3 days, according to Experian. Once you get your updated score, it may take an additional few days to work out the new percentages and contracts with your mortgage lender.

In some instances, when you want your credit report updated quickly, you can speed up the process through rapid rescoring. With rapid rescoring, a lender, typically a mortgage lender, submits proof of recent changes to your credit accounts to the three major credit bureaus. This is something you cannot do yourself.

A rapid rescore is a method that can raise your credit score quickly by submitting proof of positive account changes to the three major credit bureaus. The process can lift your score by 100 points or more within days when erroneous or negative information is cleared from your credit profile.

You can't order a rapid rescore on your own – your lender must do it for you. But that doesn't mean you won't benefit from a better understanding of what a rapid rescore might be able to do for you.

A rapid rescore can cost up to $40 per line item. Additionally, all three credit bureaus typically need to be updated, so updating a single item can cost up to $120.

As a Credit Reporting Agency the bureaus charge us, the reseller, the cost of a rescore because it is considered an expedited dispute process. We, in turn, charge the mortgage company client for that cost. However, because of FCRA 611, the bureaus do not allow the borrower to be charged for this service.

How to get 800 credit score in 45 days? ›

However, transitioning from fair to good credit (700-749) might take a few additional years of responsible credit behavior. Reaching an excellent credit score (750 and above) is generally a long-term goal and may require at least five to ten years of consistently responsible credit habits.

All documentation must be on letterhead from the creditor that is reporting the trade line. It must state exactly how the account should be changed. The documentation must include the date, account number and an authorized signature.

Provided you have no derogatory marks on your credit reports, such as late payments or delinquencies, you are likely to see a jump in your scores quickly if you knock down your balances to or close to zero. Learn more about how to pay off $5,000 in credit card debt.