How many times can a client do a rapid re-score, and is it instant ?

Asked by Tonya Jones, Powder Springs, GA Sun May 19, 2013

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, ,
Mon May 20, 2013
Rapid re-scoring should only be used as a last resort. Rapid re-scores are quite expensive for a lender tp do. This is due to the fact that the lender must incurr 100% of the cost associated with a re-score and it cannot be passed on to the borrower.

I have not seen the actual numbers in a while, but I think it is somewhere around $100+ per trade line. That can quickly errode the lender's profit on a loan.

Turn around time is several days at best.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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user978212, Other Pro, Fayetteville, GA
Wed Oct 9, 2013
I have no idea what a rapid re-score is.
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, ,
Sun May 19, 2013
Funny you should ask. I just closed a loan where a couple had 12 collections. There mid scores were 585 and 600. After much coaching, the couple was able to get 8 letters of deletion and 4 creditors would not do anything but issue a paid letter. Since I NEVER tell people to payoff a collection in the middle of an escrow, I instructed them only to pay the 8 and get me the letters of deletion. Since the letters did not come in the mail or via fax at the same time, I ended up doing 3 rounds of correction/rapid re-scoring. You can do as many rounds of corrections, but what you don't want to do is keep pulling the credit until you know all corrections have been completed. In the case above, I ended up getting a plus net gain of over 100 points each for the deletions. As far as timing, Experian and Equifax are the quickest to correct (1-2 days) but Trans Union unfortunately takes from at least 3-5 days. I hope I have answered questions and was helpful.

Best of Luck!
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