Self Credit Repair III - What is Rapid Rescore?

Rapid Rescore is the expedited credit dispute process which is used by mortgage brokers, and lenders. Normally, dispute processes can take 30-45 days, but a Rapid Rescore can be done within 72hrs. The mortgage broker submits supportive documentation to a 'credit provider' in which they submit it directly to Equifax, Transunion, and Experian. The credit provider will review the documentation given to make sure it is valid. They can reject the documentation in which the mortgage broker can still incur costs.

After the credit agency reviews the documentation, they will make a judgement in whether they should comply with your dispute. When they have made a decision to comply, they will provide a new credit score to your credit file. (Whether it is higher or lower)

Rapid Rescoring is around 30-50 dollars per tradeline per credit agency.
If you had a Sears account that was reporting to the 3 agencies, the costs can be at least 90-150 dollars. Rapid Rescoring is used to remove, update, or restore an account on your credit file in a expedited process.

It is taught that Rapid Rescoring is not for the public, and needs to be done through a broker or lender. This is incorrect as you will read in my next post. Rapid Rescore CAN lower your score, and it is very important to understand the concepts around a credit score.

FCRA 1681i(a)8

8. Expedited dispute resolution. If a dispute regarding an item of information in a consumer's file at a consumer reporting agency is resolved in accordance with paragraph (5) (A) by the deletion of the disputed information by not later than 3 business days after the date on which the agency receives notice of the dispute from the consumer in accordance with paragraph (1)(A), then the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute if the agency

(A) provides prompt notice of the deletion to the consumer by telephone;

(B) includes in that notice, or in a written notice that accompanies a confirmation and consumer report provided in accordance with subparagraph (C), a statement of the consumer's right to request under subsection (d) that the agency furnish notifications under that subsection; and

(C) provides written confirmation of the deletion and a copy of a consumer report on the consumer that is based on the consumer's file after the deletion, not later than 5 business days after making the deletion.

http://www.ftc.gov/os/statutes/031224fcra.pdf