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You can read up on the product you have purchased here:
https://www1.myfico.com/products/fico-scores-credit-monitoring
You will see that myFICO offers a version that costs $40/mo and one that costs $30/mo. The $40 gets you a 3B report monthly; the $30 package gets you that report quarterly.
You will also see that the only score that gets updated outside of the monthly or quarterly report is the FICO 8 Classic score.
Just as an FYI, many people opt not to pay the $480 or $360 per year for reports and scores. Reports can be obtained at least monthly and often weekly for free. And there are free options for FICO 8 scores (or nearly free, such as Credit Check Total which costs a buck).
@Anonymous wrote:
My 3B reports are every 3 months but I do get scores and alert adjustments daily, though.
Nothing except the three FICO 8 scores will change until a new report (quarterly/monthly/paid) is pulled.
The alerts and score updates only trigger on specific things (different for each CRA, see https://www.myfico.com/Include/Store/Legal/FAQAlertMatrix for the details).
Deletion of anything (negative or postive) on your report is not one of the triggering items, so just the removal of those collections will not have even triggered a FICO 8 score update. The next triggering event for each CRA (balance/limit change, inquiry, etc) will include the removal of the collections in the updated score, though. (Also remember: the trigger for an alert is not necessarily the reason for a score change. It's just the event that caused the monitoring software to display the current score.)
If you've verified through other methods (free Experian, CreditKarma, etc), that the collections are gone from all CRAs, go ahead and pull an updated 3-B report if you want to see a full set of scores with the updated data. (Only if you need updated mortgage scores, or are just really curious, though - the cost can add up if you keep doing that!)
Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.
Thanks, Pika and everyone for the responses!
@Anonymous wrote:Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.
Thanks, Pika and everyone for the responses!
Please update with what you find, when you do it.
I'm invested now. LOL
Thanks IV for explaining it so succinctly..
My garbled, disjointed mess even confused me.
Pika~
If you ever get to a point where you feel like your forum-ese might require an international translator, give Grammarly a shot.
@Anonymous wrote:
The scores are most certainly not updated each time you open the app. FICO 08 Scores are updated upon alertable events as stated by the other members. If you purchase a new report, it will cause a refresh of all scores, including the FICO 08 scores. Scores are routinely updated WHEN the CRAs push info to MyFICO. It is NOT in real time and maybe 48 hours or more delayed. But,if you purchase a report, all scores are refreshed as of that moment in time.
I was actually waiting the other day until I verified through CK that a payment had been reported to the CRAs. This was a decent payment and I knew it would cause attend a 10-15 point increase. The payment had been reported (per CK), but MyFICO did not report any score change.
I ordered my new report, which I had waited a week to get my quarterly update, and when I pulled it, all my scores updated including my FICO 08s.
Hopefully I have given all accurate information. If not, more experienced members please correct me.
Thanks for posting your experiences with this. I still haven't purchased another report as of yet. My subscription isn't supposed to give me another one until March but I'm really interested in seeing an updated FICO profile before then.