topic Re: Rapid Re-score in Understanding FICO® Scoring

Rapid Re-score

Anonymous — Thu, 19 Jul 2007 03:33:23 GMT

I was wondering what happens with a rapid re-score. Is it the lender that will figure the score or is is myfico? How does it work?

Re: Rapid Re-score

Anonymous — Thu, 19 Jul 2007 06:39:51 GMT

It is FICO that is changed... Only a lender can initiate, and you need to have letters from the creditors whose reporting will be adjusted. The projected score is explained to you buy the lender and FICO score adjusts in 5 days or less.

Rob

Re: Rapid Re-score

Anonymous — Thu, 19 Jul 2007 14:58:54 GMT

I KNOW THIS HAS TO BE AN EXPENSIVE SERVICE. DOES ANYONE HAVE AN IDEA AS TO HOW MUCH THIS WOULD COST?

Re: Rapid Re-score

Tuscani — Thu, 19 Jul 2007 16:30:48 GMT

Rapid rescoring works by providing info to the bureaus outside their normal reporting schedule of 30-45 days.

The info provided, on letterhead from the creditor, specifying what action is to be taken (most common are: remove lates, update balance, delete tradeline) is faxed to the bureau (TU, EXP and/or EQ) which then investigates to make sure claim is valid. Tradeline is upated & credit report is rescored. Takes 3-5 days. The costs involved vary... I believe your broker has to initiate the process unless you can get in touch with special handling depts at the CRA.

And remember... There is no guarantee that your score will go up with a rescore.