Is Rapid Rescoring Permanent?

I have a question about rapid rescoring.  Does rapid rescoring change your credit profile at the repository level or does it change with the bureaus too?  And if it changes with the bureaus is temporary or will it be permanant?   Thanks for the time.

Lance

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Hello Lance,

The Rapid Rescore change takes place at the bureau level.  Within three to five days of requesting the rapid rescore, your Equifax, Experian, and/or Trans Union reports will be updated and your credit score will reflect the new change.  

Is it permanent?  For the most part, yes; but, that really depends on what you’re rescoring.  For example: if you rescore a credit card balance and run the balance up after the rescore, then, of course, the next month your credit report will reflect the higher balance.

I’ve said it before and I’ll say it again…

The Rapid Rescore is one of the most powerful tools in the mortgage loan officer’s arsenal, yet even as I type, most LOs still do not understand how it works or the leverage it can provide for a mortgage loan applicant.  Rescoring a credit score 20 points higher might be the difference between a mortgage loan approval at a low rate or a loan denial.

Thanks for the questions and hope this helps.

Paul