Equifax score increase 38pt can someone explain

[Anonymous]

I just got a lert from my Equifax score that it has increase 38pt. Below are the reason which I dont quiet understand. Can someone kindly explain to me what it mean.  I have not see my FICO score change yet hoping soon.

Lenders generally quote interest rates based on the score band a consumer's credit score falls within. You have configured your alert preferences to receive an alert when your score change prompts a change in your score band for a particular loan type. To see what rates you may qualify for check the score information available to you in the member site of www.equifax.com.

[jsucool76]

Hi,

What equifax describes as a score band is sort of like...a tier. Equifax believes that your score has increased enough to qualify for better interest rates in the future (provided your report stays similar to the way it is now) 

From Equifax.com

"Score Band change alert - Equifax obtains information regarding the average interest rates that may be offered for various types of loans by typical score band.  We will notify you when your score crosses into a new score band, thereby changing the interest rate you are likely to qualify for on a certain type of loan. Mortgage is the default loan type for score band monitoring. You may change the type of loan to an auto or home equity loan."

Hope this helps!