Rapid Rescoring

[Anonymous]

Can any of the mortgage experts out there confirm whether this is still available, how much it costs, etc.?  TIA

[Anonymous]

I'm no expert but I am currently trying  to get a pre-approval for a mortgage. The mortgage broker I am working with is using rapid rescore. It takes from 1-3 business days to up date. it was submitted on thursday.  so far,

Experian updated on Friday

Equifax updated  today

Transunion has not updated  yet but i've been reading how TU has been going through some updating issues amoung other things it costed me $175.00 I needed 4 tradelines updated.

[Anonymous]

Thanks, kinwin.  You might want to explain it a bit more to everyone.  I didn't want to start a feeding frenzy until someone confirmed that it still existed.

[Anonymous]

Yes, kinwin is right, Rapid rescoring still exists and it works. Although it costs you get every tradeline updated, but the benefits might outweigh the cost

[Anonymous]

All the more reason to plan at least a year in advance if you are going to be in the market for a home.

Buying a home is the biggest, most important decision you will make in your life (excepting marriage and your spiritual belief system). Don't be in a hurry.

[Anonymous]

Okay fill us in what exactly is rapid rescoring.

[Anonymous]

Rapid rescoring is used when you are IN the loan process. Lets say u r a few points off the target. Your lender runs a simulator to see a potential score improvement. And tells you what actions to take to reach that score. You follow the action plan, payoff a few small debts etc. Now you can't wait for 30 days for the bureaus to change your scores. Thats when the lenders use Rapid Reporting, i.e. the creditors report to bureaus rapidly, usually within 48-72 hrs. Your scores are improved, and you might qualify for better terms and rates.

P.S. there is cost associated with rescoring each tradeline. but again the the benefit might outweigh the cost.

[Anonymous]

Oh okay that's cool to know, I will be looking to buy a home soon, thanks for the info.

[Tuscani]

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riteficos wrote:

Rapid rescoring is used when you are IN the loan process. Lets say u r a few points off the target. Your lender runs a simulator to see a potential score improvement. And tells you what actions to take to reach that score. You follow the action plan, payoff a few small debts etc. Now you can't wait for 30 days for the bureaus to change your scores. Thats when the lenders use Rapid Reporting, i.e. the creditors report to bureaus rapidly, usually within 48-72 hrs. Your scores are improved, and you might qualify for better terms and rates.

P.S. there is cost associated with rescoring each tradeline. but again the the benefit might outweigh the cost.

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Thanks for clarifying.

[Anonymous]

Thanks for that, riteficos.  About the cost ... kinwin said it cost $175 for 4 tradelines, so that's $43.75/TL.  Is that standard?