Hi Jess,
In an article written by Kelly Dilworth, A Rapid Rescore can Fix Your Credit Score in a Hurry, she states that Rapid Rescoring only takes a few days. While she never states exactly how long it will take, I get the impression that it is rather quick. One of the sources that she quotes, states that they can get rescoring in 3 days. I imagine that it depends on the quality and quantity of the details provided, as well as, the workload at the time of submission.
For those who find this post later, Kelly Dilworth states:
A rapid rescore is essentially "an unofficial updating of the credit file," says Wayne Sanford, president of the Texas-based credit consulting firm New Start Financial. For example, if you pull your credit reports and see that there are legitimate errors on them that are pulling down your credit score, a rapid rescore can help you get those errors corrected much faster than if you tried to dispute them yourself.
"If you try to do it yourself by doing a dispute directly with the bureaus, then they have 30 days, technically, to investigate the dispute and get back to you with an answer," says Mindy Leisure, director of product development for Advantage Credit, a Colorado-based company that provides rapid rescoring services for loan officers.
However, if you have a rapid rescoring service (or your lender) get the errors corrected for you, they'll provide proof to the credit reporting agencies that the errors are bogus and have your credit score recalculated to reflect the changes, usually within a few days.
I did a little further reading and found out that some mortgage companies are charging for this and claiming ignorance. Please be aware that, by law, YOU SHOULD NOT BE CHARGED FOR THIS SERVICE as this is considered an expedited dispute.
Jess, update us and let us know the specific outcomes of your situation. Give us some tips and specific directions regarding your rescoring so that we can learn from your experience!
