Updating credit score

That would put me in the “excellent borrower” category, and I’d be able to get the most competitive interest rates on the market.

But when I applied for mortgage pre-approval, the lender disagreed.

Rapid rescoring, a practice employed by mortgage lenders and brokers to help lift clients' scores to qualify for better loans, allows borrowers to get accurate information updated into credit files within a few days, rather than waiting weeks or months for the credit bureaus to do it on their own.

That faster timetable could save you thousands of dollars on your loan.

When they added the free credit score perk to my account, I was thrilled.

They release modernized versions as the market shifts and as they find measurable improvement in performance.

Since there are three major consumer-reporting agencies, the modeling companies typically implement the latest algorithm version at a single agency, and then move on to the second, and so on.

In the 2012 mortgage market, "Raising someone's middle FICO score from 699 to 720, for example, will save 1.25 percent in fees," says Joe Parsons, a senior loan officer at PFS Funding in California.

"In our residential mortgage practice, we frequently do rescores for borrowers.