If you read about the housing market a lot, or you’ve recently been house hunting, you might have heard of something called ‘rapid rescore.’ Essentially, this is a service that mortgage lenders provide to certain clients in order to immediately boost credit scores. The main goal of a Rapid Rescore being to make it easier to purchase a home.
In some instances, a Rapid Rescore can be a good thing, but it’s not a strategy for everyone. If you’re considering paying extra for this service (or just want to know more about it), here’s some detailed information to take into consideration prior to opting for this service.
Not A Clean Slate
If you have bad credit, buying into a Rapid Rescore service isn’t going to fix that bad credit. Here’s what it will do:
- Update your credit immediately
- Allow you to purchase a home with updated information
Here’s what a Rapid Rescore won’t do:
- Fix any major credit problems
- Help you gain credit approval if your credit is truly bad
- Eliminate any bankruptcy notifications that might be listed on your credit report.
How It Works
1. Corrected credit report information is updated (so, let’s say