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Hi Chris: yes, it's true that to see updated mortgage scores, you need to buy a new report. It's also true that you do not trigger a "hard pull" by pulling your own credit via a service like MyFICO.
Does my basic FICO credit score for each update though? If so how often? Is it like once a week or only when something happens?
@Anonymous wrote:Does my basic FICO credit score for each update though? If so how often? Is it like once a week or only when something happens?
Yes if the change is enough to trigger an update (only when something happens). My balances don't move much, but I get fairly common updates on Equifax, fewer on Transunion and Experian I often don't have 5% upward swings so I don't see this one regularly.
@S10 and Lemmus: thank you for taking the time to respond so well on this thread as I haven't been on the forums much.
Lemmus - I've been trying to figure out what the Credco report was that my mortgage lender provided to me during my prequal & your post answered that (thanks!), but my next question is now, have any of y'all experienced Credco reporting something that isn't on ANY of the three reports? My mortgage broker stated that one of my credit cards was showing as closed on my report (it was from Credco). I pulled each individual report and it wasn't showing closed on any of them. I contacted the credit card company and their credit bureau dept even looked into it and said that it had come back correctly from all three bureaus and that it was a Credco error. I've even discussed with each bureau and it is being reported corectly. My question is, if thats the company the mortgage lender uses to pull my credit, how do I go about getting it corrected with Credco since they are third party?
...did you receive a copy of the actual Credco trimerge itself from your lender? ...or are you just taking his word for the discrepancy? ...I'm aware of no valid reason for such a discrepancy but I would suppose its possible ...Credco produces a huge number of reports daily and It must have an error rate although this is the first report I've heard of to that effect ...hth
I actually have a physical copy of it that the lender provided me. I've even called Credco and they say when they pull it up in their system it doesn't show that... even though I have a copy from their company showing it. Totally dumbfounded on what to do from here lol.
...depends on how important correcting a one-time error is to you ...the FCRA requires them to correct it if you ask ...you could always scan the report and send it to them requesting a corrected copy be sent to you and your lender ...think they would have to respond just as the CRAs would ...hth
Hi Chris,
I also just purchased my mortgage scores and have the same concern about the updating. Also, my EQ had not updated since Feb until I bought the mortgage score..then there was a sudden update. I suspect that the mortgage score is a one-time snap shot with no continual updates unless the fee is paid again.
@bb2014 wrote:Hi Chris,
I also just purchased my mortgage scores and have the same concern about the updating. Also, my EQ had not updated since Feb until I bought the mortgage score..then there was a sudden update. I suspect that the mortgage score is a one-time snap shot with no continual updates unless the fee is paid again.
That is correct; all of the additional scores are instant-in-time; it's only the FICO 8 baseline scores which will continually update.
@Revelate wrote:
That is correct; all of the additional scores are instant-in-time; it's only the FICO 8 baseline scores which will continually update.
...question for Rev ...or anyone who knows ...who calcs the Fico 8 scores provided on the dashboard? ...is it myFico using the CRA data, or is it a CRA provided score based on Fico's algorithms?
...the reason I'm asking is that afaik, myFico only receives limited data from the CRAs (and very different data at that) between 3B updates ...inquiring minds and all that, eh