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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)


danima wrote:
Can someone tell me how often are credit scores reviewed and updated?


No one actually "reviews and updates" FICO scores. They are created when you (or a potential lender, etc) requests one. At that time, your most current credit report from whichever CRA (credit reporting agency, credit bureau) you want your score is crunched through the FICO formula, and voila, you have a score.
 
If you are hoping to see a score increase from some sort of action you took, nothing will change until the creditor reports the change to the CRA. And even then, the CRA has to post the change on your report for it to be relflected in your score. And THEN, you or someone else has to cough up the $$$ for the score to actually exist!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007