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Hi,
I put in a credit dispute with Equifax and Transunion to have a collection removed. Both credit bureas have finished their investigations and removed the collection from my credit report. Does anyone know how long it will take MyFico to update my credit scores?I'm in the middle of purchasing a house so this will go a long way with my interest rate and when the mortgage lender pulls my credit reports.
Thanks for any help you can provide
@Anonymous wrote:
The reports update quarterly, however the scores update anytime there is a change (i.e you make credit card , student loan, mortgage payments) it updates to your new balance and utilization. Same way if a collection is add before your quarterly report it will send an alert to you and drop your score. I get what you're saying that it depends if removal of a collection is a trigger for an alert (which one would think it would be) to boost or drop score.
Only the FICO 8 scores update oftener than every 90 days. The mortgage industry does not use the FICO 8 model. As our friend Rmduhon mentioned, the "mortgage scores" will update every 90 days, when you get your new report.
This is how the "myFICO Ultimate" product works. The other product Rmduhon mentioned (myFICO Premium) updates your report and scores every 30 days. We are guessing you have the Ultimate.
PS. As a side note, even the FICO 8 scores do not update every time your score changes. A person's score can change and yet that may not not trigger an alert.