Credit restoration works to remove the entire negative history of the account, but can be both costly and time-consuming, not to mention that there are no guarantees. Rapid rescoring does not delete legitimate negative information from a borrower's credit report.

Unlike credit restoration, which is not guaranteed and can take several months and cost hundreds of dollars, rapid rescoring may correct erroneous information, omissions or update accounts on a credit report within 72 hours to two weeks. This rescoring could rescue a loan threatened by a borrower's low FICO score as well as save your borrowers thousands of dollars just in fees alone.

Rapid rescoring companies like, Equifax Mortgage Credit Services, work directly with lenders and brokers alike, plus all three major credit bureaus. The borrower provides written proof in the form of a letter from the credit stating that negative information on their credit report is erroneous, or that account has been paid, etc. The letter must be on the creditors letterhead. The rescoring company forwards this proof to the credit bureaus. If the bureau accepts the letter as valid proof, the borrower's credit report will be updated in as little as three business days. It is always advisable to wait about a week after the rescoring before pulling another credit.

Although rapid rescoring can be a speeedy loan saver, it can cost up to $100 per item corrected for all three bureaus, however; the cost can never be passed over to the borrower.

With FHA risk-based pricing about to take effect, I will recommend rescoring a borrower's credit before submitting the loan, especially if the credit score is below 620. Bringing the credit score to over 620 if possible, again, can save your borrowers thousands of dollars just in fees. Happy customers will bring you good refferals!