By: Mindy Leisure, Director of Rescoring Services and Credit Education, Advantage Credit
The following post is part of a series of blogs written by MeridianLink Partners who will be attending the MeridianLink LIVE! User Forum in May 2022. To learn more about the event, click here.
What is Rescore Express?
A rescore is correcting information at the bureau level in an expedited manner. If a consumer disputes information, such as balance or inaccuracies it can take 30-45 days for the dispute to be resolved. With the proper documentation a rescore can resolve the issues in 1-5 days. Changes that can be made are showing balances paid down, removing incorrect late payments, deleting collections, removing dispute remarks, etc. Again, all rescore requests must include bureau acceptable supporting documentation. The results can raise a borrower’s credit score to a number that can put them into a better loan. It is important to note that, this is NOT credit repair, it is simply expediting changes that can potentially raise a borrower’s credit scores.
Tools to Help Determine How a Rescore Could Help
There are several options available that can help to discover the best course of action for a borrower. The ‘What If simulator’ and ‘Wayfinder’ are the best ways to start. With the What If simulator, a person can go in and “play” with the credit, creating different scenarios by showing balances paid down, increasing credit limits, and removing accounts, just to name a few of the actions a person can simulate. The Wayfinder does the work for you and gives suggestions for the possibility to increase scores based on a target score you enter. It creates a report that can be printed out and given to the borrower.
Advantage Credit has a dedicated rescoring team that will work with you to help determine the best course of action(s) for the borrower to take. This dedicated team of specialists will spend as much time as needed in analyzing the credit report. Unlike most other CRA’s we offer individual consultations. Once a rescore is ordered by our client, a designated specialist will go over the request in detail with all documentation to make sure the desired outcome has the possibility of being reached before we submit it to the bureaus.
How this Benefits the Client:
- Helps get the best rate and loan program for the borrower
- Enhances customer loyalty
- Can help save loans that may otherwise be lost
- Permanently corrects information at the bureau level
- Can have results in as little as 24 hours in some cases
The Bottom Line
Credit reports can be intimidating and confusing to analyze, even for the most trained professional. Utilizing our resources and team of experts can help discover solutions that may otherwise be missed. Our simulation tools and dedicated specialists can help to determine the best course of action for a borrower, the results of which can help create a lifelong customer.