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How often is a new FICO score generated? I had an invalid collection account on my credit report that has been removed but my lender is telling me that the FICO score is unchanged. Is there a way to force a new FICO score to be calculated?
Thanks!
FICO will only calculate a score based on what's on your report. So, if your lender pulled a FICO score after confirming that the collection wasn't on the report, he should have seen a score change.
There are a couple factors that can influence whether a score changes though. If you have multiple paid or unpaid CAs on the report, then you likely wouldn't have seen a change. You also may not see a change if you have other baddies, including other CAs, COs, lates, etc, that are recent or updated recently.
I'd pull a new report here based on the CRA he's referring to to see if it is indeed off or if there is a score change.
A new score is generated whenever you order it and then pay for it. Your report and score will change whenever a creditor reports a change to the cra, or when a new inquiry hits or is deleted, etc.
It is possible that the deletion of a collection account will have no effect on your score -then again, if that was your only baddie, I'd suspect you'd realize a nice bump.
My score went from 671 to 741 (I pulled this today on myFico). For some reason, they're not seeing the new score though. I don't know if they're actually requesting a new credit report or if they keep pulling the old report. The weird thing is that they say the collection account is no longer on the new report but the score is still the same. They told me that I would have to have a letter from the collection agency in order for them to request that a new score be calculated.
Is this right??
kraymer wrote:My score went from 671 to 741 (I pulled this today on myFico). For some reason, they're not seeing the new score though. I don't know if they're actually requesting a new credit report or if they keep pulling the old report. The weird thing is that they say the collection account is no longer on the new report but the score is still the same. They told me that I would have to have a letter from the collection agency in order for them to request that a new score be calculated.
Is this right??
What kind of lender is this? Make sure they are pulling a FICO score.
Requesting a letter from a CA confirming removal won't help any. It is already off. The score has already changed (as evidenced by your increase).
I'd check what score they are pulling and ask them to pull a new score for that CRA.
maybe you just switch lenders to go with a new guy who doesn't know about the old score?