Can This Credit Be Saved?

Sue Baker-Dirickson, our in-house lender, just told me about a little known credit maneuver.This 'trick' is called rescoring, according to Evan Hendricks, author of
“Credit Scores and Credit Reports:How the System Really Works.”
Rescoring is a service offered only to mortgage lenders by independent credit reporting agencies, which compile information from the three credit bureaus (Equifax, Experian, and TransUnion). The independents can work with the Big Three, fix errors, and then recalculate your credit score. If your score goes up after the errors are fixed, you could save thousands of dollars on your mortgage interest.
The key is that rescoring works only on real errors. If you have a low score because you don't pay your bills on time, then you can't rescore. You must demonstrate that you have a legitimate error on your report and provide proof, such as payment records. If you have a legitimate case, you may have to pay up to $150 to have the rescoring done.
Rescoring is an emergency maneuver. If you are planning to apply for a mortgage, you should call your loan consultant and get a copy of your credit report first to avoid last minute problems. If you have paid your bills on time but your credit report says you haven’t, the three credit bureaus each require at least 30 days to investigate and make changes to your credit report. But if you are in the process of applying for a mortgage, Sue says that you might be able to get the changes made in just a few days.