Many consumers may be in the process of attempting to boost their credit score so that they can qualify for more favorable lines of credit, but some of the changes they made may have not been reflected in their rating. For these people an option known as a rapid rescore may be able to help them reinstate their rating quickly.
Often, when consumers make significant changes to their finances, such as paying off a large outstanding debt, the alteration may not be reflected in their credit report or credit score for as long as 30 to 45 days, according to a report from Atlanta, Georgia, television station WGCL. However, by paying a relatively small amount of money - $30 to each credit bureau, or $90 total - a consumer can get their score updated far more quickly.
This process, known in the industry as a "rapid rescore," will cause consumers' credit ratings and history to be updated within three days, the report said. By obtaining this service, a consumer may find it easier to qualify for a better rate on a loan quickly and easily.
Often, lenders reserve their best rates only for consumers with the highest credit scores, and adjust rates upwards for those with lower ratings.