How to Update Credit Report Quickly

How to Update Credit Report Quickly

Table of contents

As a borrower, your credit score can make a huge difference when it comes to applying for larger loans, such as a home mortgage. Even the slightest increase in your score can save you thousands of dollars. While most people wait for regular credit score updates, the fact is you can update your credit score when you make significant changes, such as paying off an account, giving you more control and allowing you to see updates in days rather than weeks or months.

Key takeaways

  • Working with creditors and paying down debt is great, but oftentimes your credit report doesn’t reflect those changes right away. Rapid rescoring gives you more control, allowing you to see the benefits of your hard work more quickly.
  • Errors on your credit report, such as inaccurate balances or unknown accounts, can greatly affect your ability to qualify for a mortgage. Monitoring your credit reports on a regular basis allows you to identify and address these errors immediately.
  • Raising your credit score even a few points is often enough to get lower interest rates or better loan terms.

What is rapid rescoring?

If you are actively working to boost your credit score for a mortgage loan, your lender may suggest a rapid rescoring after you have done some work. If you have been paying down debt to creditors or even paying off accounts, it can often take the creditor one to two billing cycles to report those changes and affect your credit score. If you are working to purchase a home, this waiting period may take too long for you to see any benefit. At this point, your lender may recommend rapid rescoring in order to quickly make the changes in your credit report and deliver a new, accurate credit score.

How does rapid rescoring work?

After you pay down your debts and have proof of payment or prove entries on your report are inaccurate, your mortgage lender can pay a fee to the credit reporting agencies to update your account. At this time, the lender will submit proof of recent payments and other information, and the credit reporting agency manually makes the changes to the account, and a new credit score can be calculated.

How long does rapid rescoring take?

Waiting for creditors to update your account after payments are made can take weeks or longer. When your lender submits the documentation for a rapid rescore, your credit information should be updated within two to three days, giving you an accurate credit score that is hopefully enough to qualify for lower interest rates or better loan terms.

Should you consider rapid rescoring?

In most cases, rapid rescoring is recommended by your mortgage lender if they feel that the potential changes will affect your credit score enough to qualify for better rates or loan terms. If you have the ability to make the necessary changes, such as paying down debt, a small change in your credit score can be enough to save you thousands over the life of your mortgage.

Credit scores and credit reports

Your credit report is a summary of your past and current credit history. Your credit report highlights your credit history and how you have borrowed money, whether you make regular payments, and the amount you hold in current loans. Your credit report will provide your personal information, credit account information, credit card balances or the total amount owed, the available credit limits, and how timely you make your payments. Six main factors affect a scoring percentage, which ultimately creates your credit score. These six factors are:

  • Payment history
  • Amount owed
  • Length of credit history
  • New credit
  • Your mix of credit types
  • Hard inquiries

How to check your credit report

You are able to get a free copy of your credit report each year from the three main credit bureaus: Equifax, Experian, and TransUnion. You can access all three free credit reports and free credit scores through

Steps to take if you find errors in your report

If you find errors on your credit report, you want to take the steps necessary to correct these errors.

  1. Identify all errors on each of the three credit reports.
  2. Gather material and documentation that shows the error. This can include copies of credit card statements, bank statements, copies of birth certificates or divorce decrees, a police report for identity theft, copies of utility bills for an incorrect address, and anything else that can help disprove the information reported.
  3. Dispute the errors. All three credit bureaus have online portals for disputes or you may choose to call or write a letter. It is also a good idea to contact any creditors or card issuers that are providing inaccurate information on your credit file.
  4. Review the response. In general, credit bureaus have 30 days to investigate and respond to a dispute. If the item is determined to be an error, the credit bureau removes or alters the items disputed. If they do not accept your proof, they will refuse to remove it.

Tips for improving your credit scores

If you are not in a hurry to purchase your new home, it may be beneficial to take some time to boost your credit score. Here we offer some tips that will help you raise your credit score and put you in a better position for a new mortgage with better rates and interest.

Perform regular credit monitoring.

As we mentioned above, regularly checking your credit report allows you to discover errors in your report when they first appear. It is important to dispute errors your find in your credit report. Continue to monitor your reports to ensure they add the updated information.

Pay all bills on time.

One of the most important ways to boost your credit score is to pay all your debts on time and, if possible, in full. Payment history and missed payments play a major role in your credit score, so it is important to avoid late payments. This is often a good reason to opt for automatic payments when possible.

Reduce overall outstanding debt.

You want to keep all your credit card debt with a low credit utilization ratio, ideally having a utilization rate under 30%. You can do this by paying more than the minimum payment each month and not utilizing the cards.

Increase your available credit limit.

If you are unable to pay down extra on your credit card debt, consider asking the credit card company for a credit increase in order to lower your usage. Just be sure not to go on a spending spree with your new limit.

Avoid applying for new credit.

If you are working to build your credit score, now is not the time to apply for new credit accounts. When a new creditor puts forth a credit inquiry, it can negatively impact your credit score.

Creating a winning credit score

When it comes to your credit report and credit score, accurate information is crucial. Regular monitoring can help you better identify potential errors and get them fixed immediately. When looking to apply for a mortgage, it may be in your best interest to take some time to focus on boosting your credit score first. Even the smallest jump in a score could be enough to qualify you for better terms or interest rates, saving you thousands of dollars over the life of your mortgage.

Helping you navigate the home-buying process

At Hero Home Programs, we understand how confusing credit reports and the home-buying process can be to consumers. Our team is committed to helping borrowers find the home of their dreams and qualify for the mortgage that best meets their needs. We work with clients to help boost credit scores, find grants, and match borrowers with lenders that can provide the best rates and terms. To learn more, schedule a consultation today.

Jacquelyn Sublett
Jacquelyn Sublett

I love teaching and writing on real estate, finance and mortgage topics. I find it fulfilling hearing stories of first time home buyers who we have helped with the home buying process. Writer for the Hero Homebuyer Programs™

Connect with the Author:

Recommended Posts

What Our Buyers Think

Jules S.
Read More
"5 star service is what you will get when you work with him!ᅠ Not only does he know his product like no other, he makes a special point of communicating throughout each transaction and his follow up skills are unparalleled. Perhaps most importantly, he delivers on his promises!ᅠ Give him a try for your mortgage needs.ᅠ You will not be disappointed!"
Jeremy H.
Read More
"An outstanding job handling refinances.  One of those knowledgeable, straight-shooters - which is really appreciated when you're shopping for a home loan. He can answer a million of questions with ease.  Looking back at the responsiveness, he was outstanding and you can do everything he suggested."
Jaina D.
Read More
"You can rely on them, very professional and quick in responding to your queries. He is very friendly and makes sure we understand the process and keeps us posted on the status of our loan. His efforts are greatly appreciated."
Eshawn W.
Read More
“By far the best lender we’ve worked with. Got us the best loan amount than any other lender. He worked with us hand in hand, he is professional, and he made the process enjoyable.”
Jaina D.
Read More
"You can rely on them, very professional and quick in responding to your queries. He is very friendly and makes sure we understand the process and keeps us posted on the status of our loan. His efforts are greatly appreciated."
Cass Z.
Read More
“I called looking for information about the process of applying for a mortgage/refinance and am just blown away with how helpful the information I received was!”
Stephanie F.
Read More
“I have hope because of you for making my home ownership dream come true. I feel such a connection with you and am excited to work with you. Have an amazing day!”
Rachel S.
Read More
"Highly ethical, attentive and helpful! A fantastic combination of personable and hard working. He makes everyone feel important and understood."
Cliff S.
Read More
“Hands down the best mortgage professional I’ve worked with in 20 years. Knowledgeable, honest, reliable and above all an outstanding communicator.”
Jose A.
Read More
"He worked on getting the lowest rate and kept me informed on each step of the process from the beginning to closing. Thank You!"
Nicholas H.
Read More
“Thank you for your prompt help and AMAZING assistance. Hands down, best lender I have ever worked with. Top notch!”
Read More
“I would be 100% interested in working more with you! You have proven to be an amazing lender”
Sandy C.
Read More
“Absolutely the most knowledgeable, friendly and honest expert I’ve ever worked with!”
Steve R.
Read More
"A pleasure to work with. He was very prompt and courteous with his responses and genuinely cares about the clients he works with."
Kevin H.
Read More
"Professional, responsive and honest assistance with the whole refinancing process from beginning to end."

We help you reach home ownership.

No catch. No hidden fees.

Have you served in the military or your community as a healthcare provider, teacher, or first responder? Are you a member of your local union or work for your city government?

Are you looking to buy a home but don’t know where to start when it comes to finding your best home financing options?

At Hero Home Programs™, our teams are dedicated to helping community heroes like you through the home purchasing process by finding the best grants, rebates, and loans in your area in order to maximize your savings and help you achieve homeownership.

Contact our team today to learn how we can and mortgages can change your life.

Resource Guides

Complete A to Z guides on your home purchase journey.

Learn about the process for getting a home loan

What steps you can take to improve your credit score

Tips and tricks for moving into your new home

Your step-by-step guide for buying a new home

Scroll to Top