Rapid Rescore

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Who offers a Rapid Rescore?

RRRapid rescoring is a process that’s been around for decades.  It originated in the mortgage industry to allow credit account information to be updated sooner than a normal reporting time from your creditor or collection agency.  This expedited update would typically raise a credit score in a matter of days to help mortgage applicants approval for their loan.

So why aren’t some mortgage lenders offering rapid rescore?  What changed back in 2011 were consumer protection rules, namely RESPA (Real Estate Settlement Procedures Act).  This law dictates what fees can be charged during your mortgage transaction.  Section 8 of this law deals with kickbacks, fee-splitting, unearned fees.  The charge for a rapid rescore would be under the category of “unearned fees”.

Mortgage lenders purchase their credit reports from 3rd parties (Kroll, Credco, Funding Suite, etc..) which offer the rapid rescore service.  But the consumer can’t pay these 3rd party companies for the service directly. The fee is charged to the lender, thus the lender would then have to pay for that cost themselves.  In some cases, that cost can be expensive if there are multiple accounts that need rescoring.  A typical rescore costs approximately $90-$120 per account that gets rescored.  If the loan doesn’t close, or the client takes their loan to another lender, they can’t send the bill to the applicant.  So in order to mitigate their risk, most banks simply state that they don’t offer the rapid rescore service.

My process of rapid rescore IS allowed due to the fact that we aren’t the lender.  We aren’t governed by RESPA laws as we aren’t part of the mortgage application directly.

There are credit repair companies spreading mis-information about rapid rescore and how it’s a RESPA or FCRA violation which is untrue.  They are spreading these lies because they don’t have the ability to offer rapid rescoring for their clients as they don’t know how it’s done.  Also there are loan officers that don’t know that a rapid rescore process is available outside of the mortgage industry, that’s why they think only a mortgage lender can do this process.

We are the only direct to consumer company that offers rapid rescoring by itself, or in combination with our credit repair program.  It’s extremely effective in raising credit scores 40, 80, 100+ points in some cases.

Jason Hall

President and Certified Credit Expert

Direct- 949.505.9971

Mobile- 808.633.5023

Fax- 866.567.8054

WWW.RAPIDRESCORECREDIT.COM

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