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All About Credit Rescoring

written by: Stephanie Mojica•edited by: Donna Cosmato•updated: 5/29/2010

Credit rescoring has become a popular and legitimate way to quickly correct bonafide credit report errors in a matter of a few days. Rapid rescoring is especially helpful when a consumer needs to raise their credit score to qualify for a mortgage.

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    At first sight, credit rescoring may seem like another save-your-financial-life-fast scam. It can be when unscrupulous rapid rescoring services are involved. However, credit rescoring, especially in the mortgage industry, has become an effective way to quickly and legally raise a credit score. When there are errors on a credit report, a credit rescoring company has the staff and contacts necessary to get the mistakes corrected fast. Considering that the best interest rates are available to those with the best credit scores, it may be worthwhile to look into getting your credit rescored.

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    How It Works

    You will not be able to access any genuine credit rescoring service directly. If you hear of one advertising to the general public, you are very likely about to be scammed. Mortgage lenders work with rapid rescoring services on an individual basis. For example, if you have a collection on your credit report that was the result of identity theft, your mortgage broker can consult with a credit rescoring agency. They have the clout to get in touch with the credit bureau reporting the error and in many cases get it removed.

    It is important to remember no credit rescoring service can be guaranteed. The process can take anywhere from three days to two weeks, and will go much faster if you have written evidence to back up your error claims. However, rapid rescoring can work much faster and easier than an individual consumer writing letters to credit reporting agencies and waiting for well over a month for the results.

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    If your items are already in dispute with a credit reporting agency such as Equifax, Experian, or TransUnion, it is unlikely a credit rescoring service can make any headway. In addition, if the items are legitimate late payments, collections, or public records, no legitimate rapid rescoring company will be able to get them removed. Always be careful of anyone who promises they can get anything removed.