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.
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
