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Information on Credit Score Update

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kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

Subject: Information on Credit Score Update
 
Posted on Sun Oct 18, 2009 7:07 am  

Why has my credit score been updated over the last 2 months?
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



389 Magic Points

 
Posted on Sun Oct 18, 2009 7:22 pm  

Have you made any changes to your accounts or set up any new accounts? Have you added anyone to your accounts? If there was no activity on your end then it is probably just a normal review and upgrade, was the review an increase or a decrease?
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Wed Oct 21, 2009 5:38 pm  

Your credit score can be updated for several reasons including:

1. Late payments being reported on some of your accounts.
2. Number of inquiries for new lines of credit.
3. Changes in your credit utilization ratio.

The best way to find out is to order a credit report. Most credit bureaus update their files every 90 days. According to the Fair Credit Reporting Act, all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them or the errors to be removed.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Wed Oct 21, 2009 5:42 pm  

There are three major credit bureaus that offer credit reports are-

1) Equifax
1-800-685-1111
"www.equifax.com"

2) Experian
1-888-397-3742
"www.equifax.com"

3) Trans Union
1-800-916-8800
"www.transunion.com"

If there is something that you want added or removed, you should contact them directly. To get a hold of your credit report, contact one of these three bureaus. Each bureau interprets your credit information differently, so you might want to get a report from all three.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Wed Oct 21, 2009 5:45 pm  

It will be important to understand how your credit score is calculated. Your credit rating is calculated based on several variables-

1) payment history (do you have any late payments, charge-offs, etc.)

2) Amount and type of debt that you owe.

3) Maxed out any of your trade lines.

4) Length of your credit history and how many recent inquiries have been made to look at your credit history.

5) Paying off delinquent or maxed out trade-lines.

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