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Topics addressed on November 25, 2009:
Credit scores calculated each time your report is requested
I’m planning to buy a house soon, and I just paid off a fair amount of debt and I hope it changes my score. What I was wondering is how often do the credit bureaus reevaluate your credit and change your credit score? Is it monthly, quarterly or less? And if they only do it a few times a year can you request to have your credit rescored so it shows up when my credit is ran two weeks from now?
Credit scores are not part of a credit report, and are not updated at regular intervals by the credit reporting companies. Rather, credit scores are newly calculated each time your credit report is requested if the user also requests a score.
Your credit history is being updated continuously. Information is being added and deleted as your payments are reported, accounts are opened or closed, and outdated information is removed. A credit report is a snapshot of your credit history at the moment it is requested by a lender.
Most lenders select one or more scoring models to be applied to the credit report as it is being delivered to help them evaluate your history. A credit score reflects your relative risk at that moment, just as the credit report is a snapshot of that moment. Because information is constantly changing, a credit report requested a few hours — or even a few minutes — later, could be different. A credit score calculated at that moment could also be different.
So, a credit score calculated in two weeks will reflect your credit report at that point in time, not from some time in the past.
Thanks for asking.
- The "Ask Experian" team