How often are credit scores updated?
- This topic has 1 reply, 1 voice, and was last updated 10 years, 6 months ago by
.
-
Posts
-
I’m trying to increase my score toward a home loan. How often should I check my score? How often are scores get updated?
One to two months…
Jo,
There is no schedule that scores are updated according to.
You need to understand how the system works:
The credit bureaus keep a database of information on every one. Whenever someone inquire about your credit information, the credit reporting company retrieves your most updated information from their data base and generates the report.
If that inquirer asks for your credit score along with the report – that same data is used to compute that score. On the spot.
The score itself is not saved anywhere. Only your credit information.
If, say after 5 minutes another inquirer asks for your credit score – it will be recalculated.
What you need to ask is how often does the bureaus’ database gets update.
Typically, creditors send information to the credit bureaus on a monthly basis.It can take another 30 days or so for the credit bureaus to update your information in thier databases.
The whole process can easily take 45 to 60 days. it can take a while for your report/score to update.
- You must be logged in to reply to this topic.