Rapid rescoring, a practice employed by mortgage lenders and brokers to help lift clients' scores to qualify for better loans, allows borrowers to get accurate information updated into credit files within a few days, rather than waiting weeks or months for the credit bureaus to do it on their own.
That faster timetable could save you thousands of dollars on your loan.
"In today's world of apps and instant feedback and real-time data, I think that rapid rescoring is something that people are going to expect," says Carlson.
As people get used to on-demand answers, waiting a month or more for a credit score to be recalculated just isn't going to cut it.
Rapid rescoring should only be done through a mortgage broker or lender.
"In our residential mortgage practice, we frequently do rescores for borrowers.
"I know there are a lot of mortgage brokers who pass the cost of a rescore on to their borrowers.
But they really aren't supposed to do this," she says.
"It even states on our forms that the mortgage company fills out to request a rescore that the borrower cannot be charged for it." It's also important to remember that the only information you can dispute is inaccurate information, says PFS Funding's Parsons.
"What we find is when somebody's got a low credit score, they have lots of excuses for why this [negative information] is on their report," he says. They will pay off a delinquent account and expect it to fall off their report. When it comes to negative but accurate information, all you can do is wait up to seven years for the negative information to disappear.Just seven points shy of his target credit score, Nelson paid down one of his credit cards and sent the proof back to his lender, which initiated a rapid rescore.