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Is Rapid Rescoring the Same as Credit Repair?

Doing a rapid rescore is not the same as credit repair for a number of reasons. First of all, rapid rescoring should only be done through a mortgage broker or lender and is not offered by credit repair companies. It will typically cost between $25 to $30 per updated account and this fee should be paid by the lender or broker. This is because according to the Fair Credit Reporting Act, borrowers are not allowed to be charged for disputing inaccurate information on their credit reports. So, if the borrower paid for a rapid rescore, that would be in violation of the FCRA.

Secondly, you can only dispute inaccurate information when you have acceptable supporting documentation indicating a change in your credit report. Rapid rescore is not a means of disputing negative but accurate information such as late payments, foreclosures, bankruptcies and the like. For instance, you can’t pay off a delinquent account and expect it just to fall off your credit report. Having that done takes a lot more effort than just sending in the paid off information to the credit bureaus, something like that needs to be handled with the collection agencies first.

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