Rapid Rescoring

Rapid rescoring is a service offered to consumers who are in the process of buying a residence. In a week or less, companies who charge a nominal fee, relatively speaking, will submit a consumer's evidence that an error is appearing on that consumer's credit score, and the erroneous information will be removed or altered immediately. If the information is significant, a hard-pull on the credit report will generate a higher score than if the derogatory information was included.

The error may be mistaken identity or identity theft, or instances where a bill was paid but erroneously reported as unpaid by a creditor. Although rapid rescoring sounds too good to be true, it works when the consumer has evidence of their innocence.

Rapid rescoring is not effective where the creditor reported accurate information to the the credit reporting agencies, which in turn coded and published it correctly.

Here, I do not see rapid rescoring working for you unless you can convince the creditors to delete the information from your credit report. This is known as pay for delete. In a nutshell, a pay for delete is an agreement between the debtor and creditor whereby the creditor will delete the account from the debtor's credit report in exchange for the debtor paying off the account.

Closing the accounts alone will not remove them from a credit report. Positive credit activity can appear on a credit report indefinitely. Derogatory entries can appear on a credit report for 7½ years whether the account is open or closed. However, as I mentioned above, a pay for delete agreement changes the 7½-year rule.

Contact the creditors and ask if they will consider a pay-for-delete as a gesture of good faith, given the circumstances you described. However, a creditor is under no obligation to do so. I realize I am bearing bad news; if I knew of a certain tip or tactic to assist you in the situation you described, I would share it with you.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com