How often is information updated to the Cred. Bureau?

[Anonymous]

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?

[haulingthescoreup]

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.

[Anonymous]

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@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.

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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.

[haulingthescoreup]

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.

[Anonymous]

haulingthescoreup,

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

[Anonymous]

Nope-

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typ0810 wrote:

haulingthescoreup,

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

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[Anonymous]

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.

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Timothy wrote:

Nope-

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typ0810 wrote:

haulingthescoreup,

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

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[Anonymous]

-To Haulingthescoreup

What are the difference between the FAKO and FICO scores?

Thanks

[Anonymous]

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?

[Anonymous]

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.