There are many ways to increase your credit scores and one of the fastest is a process called “Rapid Rescore”. This process originated in the mortgage industry decades ago and is still being used to a limited extent.
Rapid Rescore is actually misleading, the process doesn’t re-calculate your credit scores, it adjusts account information so that when a credit report is pulled it generates a higher credit score.
An example of this would be a credit card balance update. If your credit card balances are reporting to the credit bureaus higher than 30% of the limit, it’s lowering your scores. So when you pay down your card, a Rapid Rescore would update that balance in a few days. Once the balance is updated at the credit bureaus, and you re-pull a credit report, the lower utilization percentage on the revolving account raises your credit scores.
Another example would be the deletion of a negative item such as a collection account. When a collection account is either updated to show paid or even better, deleted. It can have a very large positive impact to your credit scores. At time of payment of the collection, it’s always good practice to request a deletion of the collection. Some collection companies will do this for you. If so, ask for a letter stating this. With this letter the collection account can be removed from your credit report (never to return) with a Rapid Rescore. It can take up to 3 months for the collection company to remove.
So as you can see, a Rapid Rescore can make changes to account information at the credit bureaus in a short amount of time to raise your credit scores.
Here’s a master list of our most popular Rapid Rescore requests:
- Updating credit card balances when paid down
- Removing collection accounts or updating to show paid, $0 past due
- Removing late payments reporting in error
- Removing IRS tax liens once paid (IRS allows the removal now)
- Removing Authorized User accounts
If you would like a free consultation on how you can successfully raise your credit scores in just days, feel free to contact my office direct.
Certified Credit Expert