For consumers, a few points on their credit score can make the difference in thousands of dollars on their mortgage — or their ability to obtain one in the first place. Rescoring provides mortgage lenders and brokers with an opportunity to help their customers update their credit records to correct outdated or incorrect information. Once the errors have been confirmed, with SettlementOne’s Rapid Rescore the updates can take days, rather than the weeks or months it can take going through the credit agencies.
- Opportunity for lenders to help borrowers improve their credit score
- Streamlined approach to rescoring
- Once errors have been confirmed, process can take days, rather than weeks or months
You now have the ability to order Rapid Rescores and upload supporting documents directly in the tradelines (much like ordering a supplement). This will greatly limit the amount of manual data entry on your part, and also eliminates the extra step of faxing documents. Our goal is to streamline the overall process and help reduce turn times.
If your file number begins with letters (i.e. KFYXS-12345678) use this guide:
If your file number is a short numerical sequence (i.e. 456789) then use this guide:
The FCRA states that you cannot pass the cost of a Rapid Rescore to the borrower.