topic Re: How often is information updated to the Cred. Bureau? in General Credit Topics

How often is information updated to the Cred. Bureau?

Anonymous — Sun, 24 Aug 2008 14:41:16 GMT

I open a account with TRANSUNION on 8/19/2008 and saw what information was on my CRT Report and that was information over a month ago when I had that account balance. Now the account balances are at 0 except for 3 which 2 of them will be with in the next week.

How often does the information get reported?

And

How often are credit scores change/updated?

Re: How often is information updated to the Cred. Bureau?

haulingthescoreup — Sun, 24 Aug 2008 15:20:57 GMT

1. It's up to the creditors to report. Most report the balance that shows on your statement, on the date that the statement posts. Once the three CRA's get it, they vary in the speed at which they update. For the majority of us here, EX updates within 24 hours, EQ within 3-4 days, and TU within a week, with EQ and TU sometimes trading places. This does change a lot, though. This is why so many of us use TrueCredit and similar credit monitoring services that allow you to view your UPDATED reports every day. (Just make sure to ignore their scores and advice, which are FAKO's.)

2. Your FICO scores don't exist until someone requests them. When you or a creditor or monitoring service hits the button to request a score, the info that is on a report at that very moment is crunched through the scoring formula. So potentially your scores could change multiple times during a day, if a bunch of creditors are sending in updates all at once, or they might not change for several months running, if nothing is changing on your reports.

The best way to figure out when to pay for new scores is to read here a lot, get a feel for what creates a score change, use a monitoring service to see when changes register on your reports, and then cross your fingers and make your best guess.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 00:18:39 GMT

@haulingthescoreup wrote:
1. It's up to the creditors to report. Most report the balance that shows on your statement, on the date that the statement posts. Once the three CRA's get it, they vary in the speed at which they update. For the majority of us here, EX updates within 24 hours, EQ within 3-4 days, and TU within a week, with EQ and TU sometimes trading places. This does change a lot, though. This is why so many of us use TrueCredit and similar credit monitoring services that allow you to view your UPDATED reports every day. (Just make sure to ignore their scores and advice, which are FAKO's.)

2. Your FICO scores don't exist until someone requests them. When you or a creditor or monitoring service hits the button to request a score, the info that is on a report at that very moment is crunched through the scoring formula. So potentially your scores could change multiple times during a day, if a bunch of creditors are sending in updates all at once, or they might not change for several months running, if nothing is changing on your reports.

The best way to figure out when to pay for new scores is to read here a lot, get a feel for what creates a score change, use a monitoring service to see when changes register on your reports, and then cross your fingers and make your best guess.

O.k. Man thanks for your help, But I do got a couple a questions for you. I do have the true credit service I recently sign up for it on the 19th of AUG. That's what my current FICO's are. Now you said they monitor DAY TO DAY. I have not seen and change and they estimate my total credit balance at $1,147.00 when it's currently less then 200.00
When will that be update? When can I see the scores start to go Up?

Also you said that scores are pulled when some one hits the button.
-How does truecredit work? That they would monitor day to day.

Thanks for your help.

Re: How often is information updated to the Cred. Bureau?

haulingthescoreup — Mon, 25 Aug 2008 01:31:48 GMT

The scores that display on TrueCredit aren't FICO scores. They're credit scores, but not FICO scores. If you go to the page where the scores display, slide down to the very bottom, and get out your magnifying glass, you'll see this:

TrueLink is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company.

TrueCredit hides their update button very nicely. Pull up your report, and look over on the right. You'll see a pale blue-grey column, and part way down, it will say "Related Items." Under that, you'll see "Update report." Hit that, and it will lead you through the update process.

As I said, they don't make it really obvious, and I had to call Customer Service to find out how to do it.

TrueCredit's FAKO scores are also re-crunched when you update your reports. Many, many people are tempted into believing that their TC FAKO scores somehow predict their FICO scores. They really don't. Yes, if you have a humongous change on your reports, they might both change, but certainly not always, and sometimes they change in opposite directions. Currently my TC FAKO EQ is higher than my FICO EQ, and my TC FAKO TU and EX are both lower than the real things.

What most of us wind up doing is combining a TC subscription with a whole lot of reading and learning here on the forums, to where we have a fighting chance of knowing when certain report changes trigger FICO score changes. Believe me, we've all pulled our share of duds. If you can get beyond focusing on scores, the really important part is shining up your reports, because that is a big part of what lenders look at. Your scores are just a report card, reflecting the progress or set-backs on your reports.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 13:31:54 GMT

haulingthescoreup,

would it lower the score if you update or pull the report everyday through Truecredit?

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 14:08:16 GMT

Nope-

typ0810 wrote:

haulingthescoreup,

would it lower the score if you update or pull the report everyday through Truecredit?

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 14:50:04 GMT

Just to add to Timothy's answer.........whenever you pull your own report, whether it be TC, myFICO, the CRA directly, it doesn't affect your score.

Timothy wrote:

Nope-

typ0810 wrote:

haulingthescoreup,

would it lower the score if you update or pull the report everyday through Truecredit?

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 21:07:25 GMT

-To Haulingthescoreup

What are the difference between the FAKO and FICO scores?

Thanks

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 21:12:56 GMT

One thing that i want to add is, first of all thanks for telling me about pulling the report to get a updated score. That help me out a lot, but what I want to know is When your request to pull the report from TRANSUNION is there a Charge?

Re: How often is information updated to the Cred. Bureau?

Anonymous — Mon, 25 Aug 2008 22:01:09 GMT

if you're enrolled with the 3 in 1 monitoring service from TransUnion, you can update your report every 24 hours. That's what you're paying monthly for. There wouldn't be a separate charge, no.

Re: How often is information updated to the Cred. Bureau?

haulingthescoreup — Mon, 25 Aug 2008 23:26:02 GMT

@Anonymous wrote:
-To Haulingthescoreup

What are the difference between the FAKO and FICO scores?

Thanks

Please serve as my guinea pig on this. I'm working on a newcomers' guide, and this is one of the topics. Any feedback from any and all is truly welcomed:

Why do I have 8 different credit scores? –FICO’s vs FAKO’s

One of the most common questions posted here by newcomers goes something like this: “I thought that I bought my credit scores, but I have 3 from EX, 3 from TU, and 2 from EQ. Which one is right?” The answer is, it depends.

FICO scores are produced by scoring formulas created by FairIsaac Corporation, named for the engineer and mathematician who developed scores to measure credit risk. Almost all lenders use FICO scores in combination with their own internal lending models to make their credit decisions. Each CRA commissions its own scoring formula, which varies slightly from those of the other two CRA’s, so you have three different FICO scores, one from EQ, one from TU, and one from EX. Even with identical credit reports (which are rare), these scores will vary from one another. The scoring formulas are periodically updated, and there is often an overlap between some lenders using an older formula and some using a newer version.

There are other non-FICO credit scores, which are often sold directly by the CRA’s or along with non-FICO secondary reports. These are not derived from the FICO scoring formulas, and so they don’t really mean anything if you’re trying to see how your FICO scores are doing. For this reason, they are often called FAKO’s. More importantly, they are generally not used by lenders, so they aren’t terribly useful to anyone at all. They generally have a different score range than FICO’s, so it isn’t very helpful to you if they’re higher or lower than the real things. In addition, they often come with advice that doesn’t necessarily help your FICO scores, and may in fact hurt them. If you subscribe to a credit-monitoring service other than myFICO, and it has “credit scores”, learn to tune them out –they’re FAKO’s.

Where can you get FICO scores?
• You can buy all three here on the myFICO site. Credit Complete (all three scores) and Credit Standard (just one score) only display for 30 days, so be sure to print them out. Scores bought through the Suze Orman package display for a year. EQ scores acquired through Scorewatch display for a year. None keep updating on their own; you have to pay for fresh scores. Be sure to Google for discount codes.
• You can buy your EQ FICO score directly from Equifax’s site: www.equifax.com .
• You can buy your TU FICO score directly from www.transunioncs.com . Note the extra “cs” in the URL.
Make very sure, when buying your score from a nonFICO source, that it displays the term “FICO.” Otherwise, you’re wasting your money.

There are also specialized FICO scores that are tweaked for certain industries, such as the bankcard and auto versions. WaMu (Washington Mutual) offers a credit-card enhanced score with some of their credit cards These scores are a month old, and differ from the classic scores that you get here, but they are a form of FICO score.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Tue, 26 Aug 2008 14:23:54 GMT

@haulingthescoreup wrote:
Please serve as my guinea pig on this. I'm working on a newcomers' guide, and this is one of the topics. Any feedback from any and all is truly welcomed:

Why do I have 8 different credit scores? –FICO’s vs FAKO’s

One of the most common questions posted here by newcomers goes something like this: “I thought that I bought my credit scores, but I have 3 from EX, 3 from TU, and 2 from EQ. Which one is right?” The answer is, it depends.

FICO scores are produced by scoring formulas created by FairIsaac Corporation, named for the engineer and mathematician who developed scores to measure credit risk. Almost all lenders use FICO scores in combination with their own internal lending models to make their credit decisions. Each CRA commissions its own scoring formula, which varies slightly from those of the other two CRA’s, so you have three different FICO scores, one from EQ, one from TU, and one from EX. Even with identical credit reports (which are rare), these scores will vary from one another. The scoring formulas are periodically updated, and there is often an overlap between some lenders using an older formula and some using a newer version.

There are other non-FICO credit scores, which are often sold directly by the CRA’s or along with non-FICO secondary reports. These are not derived from the FICO scoring formulas, and so they don’t really mean anything if you’re trying to see how your FICO scores are doing. For this reason, they are often called FAKO’s. More importantly, they are generally not used by lenders, so they aren’t terribly useful to anyone at all. They generally have a different score range than FICO’s, so it isn’t very helpful to you if they’re higher or lower than the real things. In addition, they often come with advice that doesn’t necessarily help your FICO scores, and may in fact hurt them. If you subscribe to a credit-monitoring service other than myFICO, and it has “credit scores”, learn to tune them out –they’re FAKO’s.

Where can you get FICO scores?
• You can buy all three here on the myFICO site. Credit Complete (all three scores) and Credit Standard (just one score) only display for 30 days, so be sure to print them out. Scores bought through the Suze Orman package display for a year. EQ scores acquired through Scorewatch display for a year. None keep updating on their own; you have to pay for fresh scores. Be sure to Google for discount codes.
• You can buy your EQ FICO score directly from Equifax’s site: www.equifax.com .
• You can buy your TU FICO score directly from www.transunioncs.com . Note the extra “cs” in the URL.
Make very sure, when buying your score from a nonFICO source, that it displays the term “FICO.” Otherwise, you’re wasting your money.

There are also specialized FICO scores that are tweaked for certain industries, such as the bankcard and auto versions. WaMu (Washington Mutual) offers a credit-card enhanced score with some of their credit cards These scores are a month old, and differ from the classic scores that you get here, but they are a form of FICO score.

-Okay thanks for that info. The credit monitoring service that I have is TRUECREDIT. Are they displaying the FICO's or FAKO's? And am I wastin my money?

Re: How often is information updated to the Cred. Bureau?

cw81 — Tue, 26 Aug 2008 14:56:13 GMT

You can buy all three here on the myFICO site. Credit Complete (all three scores) and Credit Standard (just one score) only display for 30 days, so be sure to print them out. Scores bought through the Suze Orman package display for a year. EQ scores acquired through Scorewatch display for a year. None keep updating on their own; you have to pay for fresh scores. Be sure to Google for discount codes.
• You can buy your EQ FICO score directly from Equifax’s site: www.equifax.com .
• You can buy your TU FICO score directly from www.transunioncs.com . Note the extra “cs” in the URL.

Truecredit uses FAKO scores the above statement tells you where to get your Ficos from.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Tue, 26 Aug 2008 14:57:41 GMT

FAKO's -

Not wasting you money to monitor your reports-

Just ignore the scores and advice.

Andrew_Garcia_4918 wrote:

-Okay thanks for that info. The credit monitoring service that I have is TRUECREDIT. Are they displaying the FICO's or FAKO's? And am I wastin my money?

Re: How often is information updated to the Cred. Bureau?

llecs — Tue, 26 Aug 2008 15:39:44 GMT

haulingthescoreup wrote:
Please serve as my guinea pig on this. I'm working on a newcomers' guide, and this is one of the topics. Any feedback from any and all is truly welcomed:

Why do I have 8 different credit scores? –FICO’s vs FAKO’s

One of the most common questions posted here by newcomers goes something like this: “I thought that I bought my credit scores, but I have 3 from EX, 3 from TU, and 2 from EQ. Which one is right?” The answer is, it depends.

FICO scores are produced by scoring formulas created by FairIsaac Corporation, named for the engineer and mathematician who developed scores to measure credit risk. Almost all lenders use FICO scores in combination with their own internal lending models to make their credit decisions. Each CRA commissions its own scoring formula, which varies slightly from those of the other two CRA’s, so you have three different FICO scores, one from EQ, one from TU, and one from EX. Even with identical credit reports (which are rare), these scores will vary from one another. The scoring formulas are periodically updated, and there is often an overlap between some lenders using an older formula and some using a newer version.

There are other non-FICO credit scores, which are often sold directly by the CRA’s or along with non-FICO secondary reports. These are not derived from the FICO scoring formulas, and so they don’t really mean anything if you’re trying to see how your FICO scores are doing. For this reason, they are often called FAKO’s. More importantly, they are generally not used by lenders, so they aren’t terribly useful to anyone at all. They generally have a different score range than FICO’s, so it isn’t very helpful to you if they’re higher or lower than the real things. In addition, they often come with advice that doesn’t necessarily help your FICO scores, and may in fact hurt them. If you subscribe to a credit-monitoring service other than myFICO, and it has “credit scores”, learn to tune them out –they’re FAKO’s.

Where can you get FICO scores?
• You can buy all three here on the myFICO site. Credit Complete (all three scores) and Credit Standard (just one score) only display for 30 days, so be sure to print them out. Scores bought through the Suze Orman package display for a year. EQ scores acquired through Scorewatch display for a year. None keep updating on their own; you have to pay for fresh scores. Be sure to Google for discount codes.
• You can buy your EQ FICO score directly from Equifax’s site: www.equifax.com .
• You can buy your TU FICO score directly from www.transunioncs.com . Note the extra “cs” in the URL.
Make very sure, when buying your score from a nonFICO source, that it displays the term “FICO.” Otherwise, you’re wasting your money.

There are also specialized FICO scores that are tweaked for certain industries, such as the bankcard and auto versions. WaMu (Washington Mutual) offers a credit-card enhanced score with some of their credit cards These scores are a month old, and differ from the classic scores that you get here, but they are a form of FICO score.

It's almost poetic, Hauling!

Re: How often is information updated to the Cred. Bureau?

haulingthescoreup — Tue, 26 Aug 2008 18:33:59 GMT

@llecs wrote:
It's almost poetic, Hauling!

Why, thank you. I'm working on the score now, in hopes of launching it off-Broadway in time for the holiday season.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Tue, 26 Aug 2008 21:32:12 GMT

@Anonymous wrote:

FAKO's -

Not wasting you money to monitor your reports-

Just ignore the scores and advice.

Yeah I could tell you that the advice is wrong cause it says that I have to many late payments on EQ. I only have on payment that's less then 30days on EXP.

Re: How often is information updated to the Cred. Bureau?

Anonymous — Thu, 28 Aug 2008 20:08:19 GMT

When you say "update" are you referring to changing an incorrect balance or something??

Re: How often is information updated to the Cred. Bureau?

Anonymous — Fri, 29 Aug 2008 00:38:29 GMT

Yeah, Exactly.

What I mean is information changed and credit scores + or -. My thing that is bugging me is that the 2 CB are reporting that I have a account balance of 1147 and the 3rd CB is reporting 547 or 536.
I need them to get the right information. I only have 150.00 balance. And due to my CAP1 CL they have not updated it.

Please help. Hope that help clear it up.