Rapid Score Increase? Does this really exist in the Mortgage field?

I'm working with a broker who claims to be able the increase my credit score. He says by contacting and reporting all the paid deragatory items on my report to all 3 bureaus. And by doing that my score will raise faster. Which I think he called it Rapid Score Increase or something like that. Does this such task really exist and if so how long does this process takes? And does brokers have this kind of power?

Public Comments

1. It's called a Rapid Rescore and yes it exists. The rescore takes anywhere from 3 to 5 days from the day that the requestor sends in the supporting documentation. BE WARY - sometimes doing a rapid rescore on derogatory items can actually LOWER your score. If the items were paid off previously (and you're not paying them off now), it should raise your scores. ALSO, updating credit to reflect paid off collections instead of outstanding collections will only raise your scores by a little bit - not too much. I'm a personal mortgage consultant and a member of the National Association of Responsible Loan Officer and I deal with credit challenged borrowers on a daily basis - I have done many rapid rescores and found that rescoring based off of collections does not affect scores too much. Now, if you were to rescore after paying down a high balance credit card THAT would raise your scores significantly. If the broker is charging you for the rescore....do not do it! There are others that will do up to 3 tradelines for free! I do!! If you have any other questions, please feel free to visit my website at www.vegasloansbytami.com Hope this helps!
2. Yes, we are able to contact the credit bureaus and show proof of paid credit or other types of problems you may or may have had. Yes, it's much faster and yes we as brokers can do this. DO NOT think it's going to wipe your credit clean, or showed paid ASAP. We are not miracle workers though, and many do not like to deal with brokers, but we can help those with credit problems much easier than a bank. I am honest with my clients and sometimes this process could take the credit bureau up to 90 days to report, but many times with the contacts I personally have and some brokers also you could have it updated within days. ♣Good Luck♣ -
3. Rapid rescores are very doable. They cost like $150 at closing I think. A client of mine was working with a lender friend of mine and she told him to pay off the debts he could, get proofs of zero balances, the HUD from a house he just sold to get off his credit so it wouldnt affect LTV ratio, she turned all this in to the credit bureau and sumbitted the rapid rescore request, his credit went up like 40 points I think.