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Rapid rescoring should only be done through a mortgage broker or lender.
"I'd be a little leery actually of anything that offered a rapid rescore directly to the borrower," says Leisure.
However, if you have a rapid rescoring service get the errors corrected for you, they'll provide proof to the credit reporting agencies that the errors are bogus and have your credit score recalculated to reflect the changes, usually within a few days.
"If you try to do it yourself by doing a dispute directly with the bureaus, then they have 30 days, technically, to investigate the dispute and get back to you with an answer," says Mindy Leisure, director of product development for Advantage Credit, a Colorado-based company that provides rapid rescoring services for loan officers.
"I know there are a lot of mortgage brokers who pass the cost of a rescore on to their borrowers.
But they really aren't supposed to do this," she says.
That's because credit reporting agencies view rapid rescore requests as an "expedited dispute process," she says and, under the Fair Credit Reporting Act, borrowers aren't allowed to be charged for disputing inaccurate information.
"A lot of loan officers will tell you they are not aware of this, but they are," she adds.
In the 2012 mortgage market, "Raising someone's middle FICO score from 699 to 720, for example, will save 1.25 percent in fees," says Joe Parsons, a senior loan officer at PFS Funding in California.