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Chapter 8. Emergency! Fixing Your Credit... > Repairing Your Credit in a Matter of...

Repairing Your Credit in a Matter of Hours: Rapid Rescoring

Rapid rescoring services came about because too many people were losing loans or paying too much interest because of credit bureau inaccuracies. Before you get excited, though, you should learn what these services can and can't do:

  • They can't deal with you directly as a consumer— Rapid rescoring is typically offered by small credit reporting agencies, which serve as a kind of middleman between the bureaus and the lending professionals.

    These agencies, which are often independent but which might be subsidiaries of credit bureaus, provide special services for loan officers and mortgage brokers such as merged or “3-in-1” credit reports. To benefit from rapid rescoring, you need to be working with a loan officer or mortgage broker who subscribes to an agency that offers the service.

  • They can help you only if you have proof, or if proof can be obtained— Rapid rescoring services aren't designed to help people who have yet to start the credit repair process. You need something in writing, such as a letter from the creditor acknowledging that your account was reported as late when you were in fact on time. (This is one of the reasons that it's so important to get everything in writing when you're trying to fix your credit.) If you don't have such proof, but the creditor has acknowledged the error, some rapid rescorers can get the proof for you. However, that might add days or weeks to the process.

  • They can help you get errors fixed, but they can't remove true negative items that are in dispute— Again, you need proof that a mistake was made—not just your say-so. If the credit bureau is already investigating your complaint about an error, the item typically can't be included in a rapid rescoring process.

  • They can't promise to help your score— As you read in Chapter 2, “How Credit Scoring Works,” sometimes removing negative items can actually hurt a score—strange as that might seem.



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