The information in your credit report is constantly being updated. New information is received from your lenders, old account information is removed, and current account details are updated continuously. As your credit information changes, your credit scores will also change.
Most lenders update their information about once a month. But, but each lender has their own reporting schedule, so different accounts will be updated at different times.
Credit scores are not fluid numbers that go up or down from day to day. A credit score is only calculated at the moment that it’s requested by either a lender or by you. The credit score represents the information in the credit report at that moment in time.
When you apply for credit the lender will request your report and may ask that a credit score be calculated for them. The lender might also calculate a score using its own proprietary scoring system. When another lender accesses your report and requests a credit score, a new credit report will be compiled and a new score will be calculated using the scoring system that lender chooses.
A credit score reflects the information in the credit report at the instant the report was requested. Because information in a credit report is being updated continuously, if a report is requested even a few minutes later, a new score will be calculated using the information in the report at that moment.
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Scoped on: 8/01/2017