Rapid Rescore
CreditGlossary term
Definition
An expedited process used by mortgage lenders to quickly update your credit score after you have corrected errors or paid down balances on your credit report. Unlike a standard credit dispute, which can take 30 days, a rapid rescore can be completed in just a few days, which is critical during time-sensitive mortgage applications. Only lenders can request a rapid rescore; consumers cannot initiate one directly.
Related terms
- Credit DisputeA formal process in which you challenge inaccurate or incomplete information on your credit report by filing a claim with the credit bureau or the creditor that reported it. Under the FCRA, the credit bureau must investigate your dispute, usually within 30 days, and correct or remove any information that cannot be verified. You can dispute errors online, by phone, or by mail with each of the three major credit bureaus.
- FICO ScoreA credit score developed by the Fair Isaac Corporation, ranging from 300 to 850, that lenders use to evaluate your creditworthiness. It is calculated based on five factors: payment history, amounts owed, length of credit history, new credit, and credit mix. A higher FICO Score generally means better loan terms and lower interest rates.
- Credit ReportA detailed record of your credit history maintained by credit bureaus, including your accounts, payment history, balances, and any public records like bankruptcies. Lenders, landlords, and sometimes employers review your credit report to assess your financial reliability. You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com.
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