What is a Rapid Rescore and How Does it Work in WA State?

Published:
August 12, 2022
Last updated:
August 15, 2022
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Have you applied for a mortgage in Washington State, but your credit score was just a little too low to get the best mortgage rate possible? If it’s possible there is information on your credit report that is incorrect or could be updated, a rapid rescore in WA State might help.

Wondering about a rapid rescore in WA State? This is a fast, easy way to bump your credit score to qualify for specific loan programs or get a better interest rate on your home loan.

What Is a Rapid Rescore?

A rapid rescore is an action you can use to swiftly raise your credit score. It’s a great move to take if your credit score is just under the cutoff for beneficial home loan programs or interest rates.

You need your lender to request a rapid rescore – unlike “credit repair” guides you may have seen online that tell you you can fix your credit score yourself. Instead, this is a lender initiated, fast review of your credit based on documentation of inaccuracies or debt paydowns resulting in a real rescoring in a tight turnaround.

The process includes submitting proof of positive account changes to the three major credit bureaus. Because your lender is doing the submitting, updates get fast-tracked and you can see the results in just a few days as opposed to months down the road.

Rapid rescoring can bump your score by 100 points or more as positive information is added to your credit file and negative or erroneous information is removed or updated. As you can imagine, this can be extremely advantageous to you if you’re in the middle of getting approved for a home loan.

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Why is a Rapid Rescore so Important?

Your credit score is a major factor in determining how your home loan is structured and how much you can be approved for. If you have bad information on your credit report, your credit score can be negatively impacted, and so can everything to do with your mortgage.

For example, the wrong debt to income ratio can mean not getting approved for a loan as big as you need. Getting your credit report updated to show debt has been paid off can help your lender see their way clear to increasing your loan amount.

Alternatively, if your credit score puts you in a risk bucket with a higher interest rate, improving your credit score can allow you to receive better terms. Finally, if you want to apply for a specific type of loan but need to meet a certain credit score threshold to qualify, fixing errors can help you get to your goal.

How a Rapid Rescore Works in WA State

Rapid rescoring lets you  – or rather, your lender working with information you’ve provided – rapidly modify your credit history and get credit bureaus to update your file and your score. This isn’t a way to get actual negative marks off your record, so don’t expect miracles. It’s just a way to correct non factual information swiftly.

Normally, if you pay off debt or dispute an erroneous report on your file, it can take literally months to have the information updated and/or corrected. Your loan officer can request a rapid rescore form all three credit bureaus, and this will fast-track the update process, allowing your credit score to be improved quickly.

How much improvement there is to your score will depend on the types of changes being made and how much erroneous information is in your file. You can end up with a score raised by anywhere from a few points to a hundred points. The fact that this can be accomplished so quickly means you can literally improve the terms of your home loan while in the process of preapproval.

Cost of Rapid Rescoring

According to the Fair Credit Reporting Act (FCRA), borrowers can’t be charged for disputing inaccurate information on their credit reports. However, for rapid rescoring, you’re not requesting the change, your lender is.

There is a fee for the rapid rescore service which amounts to anywhere from $25-$40 per credit file, per bureau. Fees can increase if a rescore is being rushed through to achieve a loan approval, or is processed without complete documentation

Not all lenders offer rapid rescoring because of these fees, which they have to absorb. However, many lenders do find it advantageous to pay for a rapid rescore in WA State because it benefits them to be able to approve your loan and get your business

This is good news for you, because it puts the mortgage company on your side, carrying the cost of the fees and helping you not only get approved for your home loan but potentially get a better mortgage rate.

The WA State Rapid Rescore Process

Your loan officer can help guide you through the process, which will be determined by your specific credit history. The first step is getting a copy of your credit, so you know what to dispute and/or update. You can get a free credit report once per year from each of the major credit bureaus, Equifax, Transunion, and Experian.

Next, determine why your credit scores are low, and find out which negative items can be corrected. Non-factual information can be disputed and requested to be removed. Other information may just be out of date (as in the case of you recently paying off a credit card) and needs to be updated.

Gather documentation proving an error or showing payment of debt. Contact the creditors you are targeting, and obtain proof of updated records. Give these records to your lender to supply to the bureau when they request the rapid rescore.

Your mortgage lender will request a credit report, and order a credit rescore based on the finding. They will supply your documents to the bureaus, and should receive your freshly updated credit report within 3-7 business days.

Rapid rescores can help accelerate your home buying process. In many cases, the lender can give you your approval letter as soon as they get the rescore. They will also be able to offer you a wider range of loan program options, and potentially even a lower mortgage interest rate.

Wondering if you qualify for a rapid rescore? Just ask your loan officer once you find out your current credit score. There would be a lot of upward wiggle room if your credit report turns out to be rife with errors or outdated information.

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rapid rescore in WA StateWhy Choose Sammamish Mortgage?

At Sammamish Mortgage, we can help you buy the perfect home, even if your credit score isn’t perfect when you start the process. Get started by applying for mortgage preapproval, so you can shop for available homes on the market with confidence.

Sammamish Mortgage has been in business since 1992, and has assisted many homebuyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help you get pre-approved. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, and Washington.

Contact a loan officer if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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