What is a Rapid Re-Score?
Rapid Re-Score is a process of expediting updated information from a creditor with the purpose of increasing credit scores.
How much will credit scores increase with a Rapid Re-Score? There is no set amount a file will increase, but on average, ARC files increase by 30 points.
How long does a Rapid Re-Score take to complete? Most files are completed within 72 hours (excluding weekends and holidays) but we have completed many within 24 hours.
What items should be re-scored? There are some excellent candidates for a Rapid Re-Score:
- Deleting derogatory items from a borrower's file.
- Lowering balances on revolving accounts to a 0 balance or below 30% of the credit limit.
- Dismissal of public records or collections.
For some excellent tips on increasing credit scores go to Increase Your Credit Scores.
How do I start? Go to 4 Easy Steps to Re-Score for a quick reference guide. For a more detailed explanation on this process and to see how ARC can help you close more loans, contact an experienced ARC customer service representative at 800-992-1058.