Rapid Rescore 101: Rescoring Credit

Loan officer speaking with client.

The following is provided for informational purposes only and is not intended as credit repair or credit repair advice.

Most of the time, your credit score doesn't really matter. In your day-to-day life, the minor (or major) rise and fall of your various credit scores doesn't impact you one way or the other.

There are, however, moments when your credit score matters quite a lot. Taking out a large loan (like a mortgage) is one of those days. On days like that, you want your credit to be in tiptop shape. That means you'll want all of those debts you recently paid off showing as paid in full and any of errors you recently corrected reflected accurately on your report. 

Unfortunately, credit reporting isn't instantaneous. Updates can take multiple cycles and multiple months to start reflecting on your credit report. If you're trying to close on a loan where those updates mean the difference between approval and denial, or thousands of dollars in higher interest charges, you may need to turn to rapid rescoring.

For a fee, and with the help of a mortgage lender or broker, you can get your reports updated and rescored in a matter of days, rather than waiting months for those updates to happen on their own.

How Does Rapid Rescoring Work?

You can't order a rapid rescore on your own (and frankly, there's no reason why you would want to). Instead, your lender may offer a rapid rescore if your situation calls for it. Here's what that might look like:

  • You apply for a loan. Rapid rescoring is most often used when attempting to close on a mortgage.
  • Your credit score comes up short in some way. Creditors often have credit score thresholds for certain loans and other credit offerings.
  • You've recently made efforts to improve your credit, but these efforts may not be reflected in your report yet. This includes paying off debts, resolving credit reporting errors, and more.
  • The lender offers to request a new copy of your credit report to capture these recent updates, and re-evaluates your application with this new information (included an updated credit score).

How Expensive is a Rapid Rescore Service?

The cost for rapid rescoring varies, but the range seems to be $25-40 per report. If you need to rescore multiple reports, you'll need to pay for each.

It's not cheap, but if you've made recent positive changes to your credit, it's potentially a drop in the bucket compared to what you may be able to save in future fees.

Is It Worth It?

The only thing a rapid rescore can accomplish is a faster update to your credit report. It won't resolve any outstanding errors in your credit report, ignore existing negative marks, or unnaturally inflate your credit score.

The only reason to pay for a rapid rescore is if you're applying for a credit product and believe that more recent credit information will help your case. It's not credit magic, but if you're on the borderline with a loan application, it can push you over the edge (in a good way).

If you're building toward a major purchase and worried about your credit coming up short, consider working with a nonprofit credit expert. Credit report reviews from MMI are a great way to start building better credit health.

Tagged in Build your credit score, Understanding your credit report

Jesse Campbell is the Content Manager at MMI, focused on creating and delivering valuable educational materials that help families through everyday and extraordinary financial challenges.

  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Candid GuideStar Gold Transparency level 2022 Candid
    MMI has achieved a Gold Seal of Transparency by Candid (formerly GuideStar), a leading source for insights on thousands of nonprofit organizations. For decades, Candid has provided data that powers hundreds of websites, programs, and applications related to philanthropic giving in order to help grantors make informed decisions.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.