It is a well known fact that many people have errors or inaccuracies in their credit history. In fact, it has been reported that up to 90% of credit histories contain some mistake or inaccuracy. This leads to an incorrectly calculated credit score, and interference and delays in getting loan and credit applications approved. (Thus, it is important to check your credit history and monitor changes to them regularly so that these mistakes can be identified and fixed as soon as possible.) For those who have had inaccuracies in their history, you may opt to use a little-known tool know as credit rescoring.

Since a credit score is often the indicator by which credit lenders judge whether you will make your payments and pay your debts on time, it stands to reason that any mistakes in credit histories will lead to incorrect credit scores and misjudged applications. Credit rescoring is available from credit and loan lenders when you are taking out a mortgage or refinancing. If your lender does not offer it to you, be sure to ask them about it if it will be beneficial for you (if you have mistakes in your credit history).

To do a credit rescoring, you need to provide proof of the inaccuracies in your credit history. Rescoring experts will contact the three major credit history bureaus for you and make the cases of the error corrections. Results can be had in as little as three days (instead of the 30 to 45 days it takes for a consumer to dispute items in credit histories themselves). Rescoring experts generally focus on items such as common credit history errors, failure of an insurance company to pay your medical bill on time, incorrectly reported bankruptcies or liens, and missing credit accounts that are favorable to your credit history and score. The results can be dramatic - there have been reports of gains in credit scores from credit rescoring up to 150 points.

Credit rescoring experts can also advise you on actions to take to improve your credit score. In the past, credit rescoring was used to improve someone’s interest rate and terms for a loan; these days, credit rescoring can mean the difference between getting a loan and facing a mortgage rejection for some consumers.