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.