Credit Scores May Adjust Slowly

Your credit score may take 30 to 60 days to incorporate new or changed credit file data. In the meantime, if your loan program requires a 660 score and your uncorrected score stands at 648, you could be out of luck. (Some mortgage lenders use the lowest middle score of all loan applicants. Most lenders do not merely average credit scores. So, ask your loan rep in what precise way the lender weighs the individual scores of a single borrower as well as the multiple scores of two or more co-applicants.)

Some loan reps can correct the negative effect of reporting errors within a matter of hours through a "rapid rescoring" process. But here's the catch: To gain rapid rescoring, you must provide the loan rep a document from a creditor who confesses error. This technique won't work for disputes. It won't work when the creditor fails to respond in a timely manner; and it doesn't work to achieve the score boosts you could achieve through savvy credit management.

Credit Repair

Credit Repair

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