Can some explain how rapid rescore works?
Rapid Rescoreis a way of updating your credit score prior to the next time the tradeline would report to the credit bureau. It is typically used when there is a positive change to an account that is not reflected on the credit report and when the change could provide a significant positive impact to the program being offered to the borrower. Probably the single most frequent use would be to show a lower balance on a revolving debt.
The basic process is the same for each credit provider. Once a tradeline has been identified, an updated statement or letter from the account holder is obtained. Paperwork from the credit provider is filled out and returned along with the proof of change to the account. The credit provider researches and verifies the validity of the update and adjusts the score based on the updated information. The credit provider then notifies the lender of the change.
This process has helped many borrowers obtain financing much quicker and at better rates than they could have hoped for several years ago.