Claims from companies that they can fix a credit score in hours are usually bogus, but only a few companies are qualified to potentially repair your credit report within days through rapid re-scoring. Rapid re-rescoring, however, is not a commercial product so you will have to go through a qualified agent. Also, they cannot fix everything on your report.
What is It?
A rapid re-scoring service cannot fix legitimate items on your credit report, only incorrect items. If, for example, you are a victim of identity theft and someone takes a loan in your name, a rapid re-scoring service could remove it from your report in 72 hours. Normally, the process of disputing an item and verifying it takes up to 90 days before the credit agencies update the report.
Finding a Re-scoring Service
Only about 200 companies in the United States offer re-scoring service, because the credit bureaus only trust a few firms with this function, according to Financial Web. Private consumers cannot access a re-scoring service, only qualified lenders, such as mortgage providers and banks. Thus, you must find a lender with a relationship with a re-scoring service. This service costs between $25 and $50 per item in 2010.
Benefits
The consumers that benefit the most from rapid re-scoring are those shopping for a loan immediately or in the very near future. The cost to correct a negative item pales in comparison to what you might save on a loan. Saving just 0.1 percent on a $100,000 mortgage, for instance, saves $100 per year.
Tip
Using a rapid re-scoring service does not guarantee you will see an improvement in your credit score, because dozens of variables go into the credit score formula. Also, you usually must have evidence that any item is truly a mistake. This typically means having a letter from the creditor clearly stating the item was reported in error, according to MSN Money Central. Re-scoring services can contact a lender for you, but this will prolong the verification process.
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