Rapid Rescore

I am buying a house and need to rescore my credit score rapidly. What are my options?

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Ready, Set, Go!: Rapid Rescore
Bill's Answer: Answered by Mark Cappel

Rapid rescore is a service offered to consumers who are in the process of buying a residence or refinancing a mortgage. In a week or less a mortgage lender or a credit repair company can submit a consumer’s evidence that an error is appearing on that consumer’s credit report, and the erroneous information will be removed or altered very quickly. If the information is significant, a new credit report will generate a higher score once the derogatory information is eliminated.

The error may be a result of 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 that the information on the credit report is inaccurate.

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.

Quick tip  Contact one of Bills.com’s pre-screened mortgage providers for a free, no-hassle mortgage quote.

Here, I do not see rapid rescoring working for you, because you were delinquent on your payment. The fact that you were delinquent, even though it was a matter of unintentional oversight, means that the creditor is going to report the derogatory information.

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  as long as 7½ years from the date of first delinquency, whether the account is open or closed. 

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

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Comments (4)


Alex S.
Anaheim, CA  |  October 27, 2011
so whats the point in asking fo a pay for delete if the creditor might not report to the credit agencies to delete the debt since the creditor got its money, can the consumer sent a copy of the pay for delete letter to the credit agency and dispute it to have it removed? will this pay for delete be good documentation proof in order to have the debt deleted from credit report? how do you prove to the credit reporting agencies that the pay for delete does not violate any collection laws?? how does some one get or down load a pay for delete form? will the creditor mail the consumer one if that is the agreement?
Bills.com
October 28, 2011
If a creditor fails to fulfill a contractual agreement, then the consumer has the right to file a lawsuit against the creditor for a breach of contract. However, a creditor has an obligation to report information accurately.
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Bills.com
August 25, 2010
Accurate negative information remains on your credit report 7 years after the first date of delinquency. The creditor is obligated to report information accurately. Concentrate on reaching a settlement and then building up your credit.
Minty .
August 25, 2010
Hi, as to your statements above, if you have already paid off the bills and closed the accounts do you still have the option of paying the company to take the account off your credit report? Ex, I paid off a credit card that was 30 days late almost a year ago, paid off and closed it is still reporting as a negative to my score and will for another 6.5 years, can I call that company and pay them to take it off my report and if so, how much will it really effect my credit score?
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