When is a Credit Rescore allowed?
Credit Reports at the time of Application or After
- Once an application is taken and a new credit report obtained, that report will be used for 1003 purposes to qualify the borrower.
- Any change to a credit line will be reviewed with a credit supplement or other acceptable documentation to show the most current credit line information. A credit supplement sufficient to show a debt has been paid off or closed rather than pulling a full new credit report. Pulling a new credit report is unacceptable.
- U. S. Bank allows additional credit reports or a Rapid Rescore to be pulled only in those cases of documented erroneous, disputed or inaccurate information or it the credit report obtained at the application has expired.
- Additional credit reports or a Rapid Rescore are not allowed for purposes of trying to obtain higher credit scores.
- All credit reports are required to be in the loan record.