Rapid Rescoring Speeds up Credit Score Fixes

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Rapid Rescoring Speeds up Credit Score Fixes

by William DiPaolo

When to use rapid rescoring

Rescoring your credit can take as little as 72 hours, according to William DiPaolo, CEO of Cogent Road, which provides analysis software for the  mortgage industry. There are two types of credit  report issues that might justify a rapid rescore, DiPaolo says: data errors and  credit usage issues. When it comes to data reporting errors, these are more common than one might  think.

“There’s a vast amount of data out there, and oftentimes a card issuer will  misreport a credit card balance or continue to report a mortgage that has been  paid off,” DiPaolo says. “These are simple reporting errors, and it’s important  that borrowers and lenders evaluate the report to make sure there are no  inaccuracies.”

Then there are the credit usage matters.

Read the rest of the article here.

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