Improve Credit Score With Rapid Rescore Process

MIAMI (CBS4)- Bumping up your credit score a couple dozen points could be what helps you achieve the American dream of owning your own home.

There's a way to fast- forward the process if time isn't on your side. Ana Padilla and her family are now first time homeowners after they went through the rapid rescore process.

"There's going to be a little countertop here with some stools here," Padilla pointed out the works she plans to do on the home.

The current remodeling project is a breeze compared to the rejection she received a year ago when she was putting offers down on homes.

Her 640 FICO score just wasn't where it needed to be.

"We were anxious, excited, but at the same time we kind of saw like this is going to have to wait. Probably by the time we're ready that house is not going to be there no more."

The house Ana had her eye on was a short sale. She was introduced to Mayra Torres, a lender who felt a better loan would improve Ana's chances of getting her offers accepted.

She just needed to pay down her debt fast!

"She had a lot of student loans because she had just graduated and got her nursing degrees. So we needed to get her FICO scores higher to a 680 and we also needed her to be able to decrease her expenses," explained Torres.

Ana was able to pay down the debt but normally it takes 30 to 45 days to update your credit score information with the credit bureaus.

What she needed was a rapid rescore - a way of fast forwarding a credit score update within 72 hours.

The borrower provides the lender with proof that he or she has paid down the debt.

The lender hires and hands over that proof to a third party credit agency.

That credit agency goes directly to the three credit bureaus to update the borrowers improved credit score within days compared to weeks.

"Usually what happens is when you need a rapid rescore, it's when you have an offer accepted and we need to move and we need it now. So that's when rapid rescore comes into play," added real estate agent Josie Andrade.

She said not all agents have the patience to take on clients who need to improve FICO scores or run rapid rescores.

It can be tedious and time consuming.

"If this is really what they want, if they want to take on that American dream, this is where we need to start," Torres said.

Ana was able to raise her score 30 points and now she's thrilled to be a homeowner

"The sacrifice is well worth it," she said.

Typically if you are a good candidate for a rapid rescore there is no cost to you.

If you need to bump up your credit score ask a licensed lender if "credit rescoring" could be right for you.