When applying for a mortgage, it is very important for you to have your credit file up-to-date. That’s why most mortgage brokers and lenders offer a service called a rapid rescore.
For example, if you’ve had high balances on your credit cards and already paid them up, but the bank did not update the balances yet to the credit bureaus, with a rapid rescore you can have it updated right away.
How does a rapid rescore work?
A rapid rescore works as follows. You will need a letter from your credit card issuer or bank confirming the correction that needs to be updated on your file.
For example, if you paid up a balance on one of your credit cards, ask the credit card issuer for a zero balance letter. If the bank made a mistake and reported a late payment, ask the bank for a letter confirming the mistake. You can receive the letter by calling the number on the back of your card and ask them to fax it to you.
Once you receive the letter, give it to your mortgage broker and ask him to send it to the credit bureau (using the same company he uses to pull your credit.)
How long does it take for my credit file to update?
Once your mortgage broker or lender sends the letters to the credit bureaus your credit file should update within 48-72 hours.
How much does a rapid rescore cost?
The FCRA (15 U.S.C. § 1681) forbids the credit bureaus from charging a consumer to update their credit file.
The mortgage broker or lender, though, will need to pay about $100 to have all 3 bureaus updated. (Unfortunately, for this reason, there are many lenders and mortgage brokers who don’t offer this program.)
Some mortgage brokers will forward this charge to their clients. It is highly questionable if this is legally allowed, plus this can also be a violation of their contract with the credit vendor he/she is affiliated with. These violations can result in termination of access to credit reports and can be held liable for any actual or punitive damages.
Can I do a rapid rescore without applying for a mortgage?
No. The express option of a rapid rescore is reserved only for people who are applying for a loan and need everything updated express.
If you’re not applying for a loan now, you’re not eligible for a rapid rescore.
Can I do a rapid rescore on my own?
Rapid rescore is a program offered only through lenders and mortgage brokers.
So ask your lender or mortgage broker if they offer the program. If not, you may want to find a new lender or broker.
Getting your credit report updated express without a rapid rescore
Some credit card issuers will update your account balances to the credit bureaus upon request, even if it’s off cycle. Here’s the list.
Amex
You can call Amex at 1-800-874-2717 to get your balance updated off-cycle. The update will take up to 5 business days to be completed.
Bank Of America
You can call Bank Of America to get your balance updated off cycle. The update will take up to 48 hours to be completed. Call Bank Of America at 1-800-421-2110 and ask to talk to the credit bureau reporting department, then ask to speak to a manager/underwriter to submit your off-cycle request.
Chase
You can call Chase at 1-888-682-8361 to get your balance updated off-cycle. The update will take up to 48 hours to be completed. If you pay your balance to zero, Chase will automatically update your report within 48 hours (even without calling).
Citi
You can try to fax Citi at 1-866-713-5028 to request your balance be updated off-cycle. The update will happen when Citi decides to do it.
Capital One
Some have been successful in getting a balance update off cycle with Capital One by requesting a supervisor to submit an off-cycle request.
Discover
You can call Discover at 1-800-347-3085 to get your balance updated off-cycle. The update will take up to 48 hours to be completed.
Did you try a rapid rescore? Did it work? Let me know in the comments. Thanks!
Tried doing a mid-cycle update with Capital One by requesting a supervisor. She said she’s working there 22 years and that they Do not offer such service.