“Rapid Rescore-ing” has gained traction in the last few years. It is much more important today than it has ever been because credit scores have become one of the few critical criteria with regard to better lending interest rates or qualifying for the home loan at all. In the mortgage business, these are not only rate-sensitive but time-sensitive.
The market for the rapid rescore is almost exclusively mortgage loans, says Maxine Sweet, vice president of public education for credit bureau Experian. “Those are the ones that are not only rate-sensitive but time-sensitive.”
Experian and other bureaus prohibit mortgage companies from charging consumers for rapid rescores. More often than not, the lender is required to absorb that cost, line-by-line, bureau-by-bureau, eating into their overall margins.
If a person is enrolled in WJA’s attorney-based credit restoration program, there is no charge for this service. If a loan officer needs dispute code removal independent of WJA’s attorney-based credit restoration program, WJA will charge the consumer a flat rate (between $299-499 depending on the volume of dispute codes to be removed). The LO/mortgage company no longer bears the cost burden of dispute code removal; it is instead passed on to the consumer as a valuable, time-sensitive service that is enabling them to purchase the home, saving the branch Rapid Rescore fees.