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What Does it Mean If a Mortgage Lender Does a Rapid Rescore
What does it mean if a mortgage lender does a rapid rescore on your credit report. How does the rapid rescore process work? How long does a rapid rescore take.
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Lenders use a fast rescore to quickly update a borrower’s credit report to reflect recent changes, such as debt reduction or mistakes. This service is commonly used when a higher credit score is needed to qualify for a mortgage or get better loan conditions.
How Rapid Rescoring Works:
- The borrower gives evidence of the changes made, such as paying off debts.
- Then, the lender submits this information to the credit bureaus.
- After that, these bureaus will update your credit report accordingly.
Timeframe:
Unlike traditional updates, which could take forever, this process usually takes 3-7 business days to complete.
Rapid rescoring may greatly impact loan approval or interest rates if updated credit scores fulfill lender requirements.