Are you worried about qualifying for a loan or just paying too much interest due to inaccuracies on your credit report? There are companies that specialize in rapid credit rescoring which will give you a recalculated score in a couple days. These companies have special relationships with the 3 big credit agencies.
The problem is that YOU cannot access them. They can only be accessed by mortgage banks which means you have to ask your loan officer to run a rapid credit rescoring. The rescoring companies also charge a fee so be sure your committed.
It is always better to repair the credit issues several (six) months prior to applying for a loan. If your score is under 680, experts still say that you might want to shoot for a rapid rescore if you are intending to apply for a loan within one month.
There are things Rapid Rescoring can accomplish for you and things it can't:
1. They are not able to work with YOU:
Reporting agencies are the middlemen between the bureaus and lenders and the smaller ones offer the rapid rescoring. And since they are relatively small, they don't have the capacity for handling direct communication with the public.
2. There is no guarantee; nor can they suggest there is one:
Home Buddies has written a couple articles on this topic. If you have a short credit history, removing any item, including bad ones, from your report can lower your score. Having some significant credit history is a big part of the mix.
3. They can try to help you get some errors fixed, but they cant remove a true negative item that is in dispute:
Proof of an error is necessary. If the credit bureaus have already reviewed your dispute then it will not be included.
4. They can help with errors only if you have proof
Rapid rescoring is not supposed to help those people who havent repaired their credit yet. This service requires that you have something in writing from the creditor in which they acknowledge that your account had been reported as late, when in fact you were on time. If you dont have your particular proof, but the creditor has acknowledged the error anyway, then some rapid rescorers can get the proof for you. But this may add some days or weeks to the normal quick process.
A creditor may currently be reporting a high balance on your account (ie from a credit card). This high balance may be keeping you from being approved for a better mortgage rate. If you pay down the balance electronically right now, then you can have the rapid rescorer renew your score in 72 hours. This will then essentially show that the creditor has a mistake (because you no longer have that high balance), and you can now show the correct current balance sooner instead of having to wait a long time to have it show up on your credit report.
Best of Luck.