Credit scores are usually determined by credit bureaus who assess the information on your credit report. The frequency of updates to your credit score can vary due to a few factors, including how often your creditors report and when the credit bureau updates its records. Here are some important points to keep in mind:
1. Updates to Credit Reports – Your credit score is based on the details found in your credit report. Creditors and lenders regularly provide information about your payment history and other relevant account details to the credit bureaus, but they may do so at different intervals. Some may report monthly, while others do it less frequently.
2. Credit Bureau Update Schedule – Credit bureaus like Equifax, Experian and TransUnion receive information from various creditors and lenders, which they use to update their databases accordingly. They typically update credit information on a regular basis, often monthly.
3. Calculation of Scores – Once the updated information is received by the credit bureaus, they recalculate your credit score based on the latest data available. The exact timing of these score updates after changes in your credit report can vary depending on the specific scoring model used.
4. Timing Variances – Since creditors and lenders may submit their reports at different times during the month, it’s possible for your credit score to change at various points in time depending on when relevant data is received and processed by the credit bureaus.
5. If you have signed up for credit monitoring services, they might send you notifications whenever there are any updates or changes in your credit report or if your credit score gets updated.
Typically, credit scores are not updated instantly and can usually be expected to be refreshed at least once a month. It’s important to regularly keep an eye on your credit report to monitor any changes and ensure its accuracy. You can obtain free copies of your credit reports from the three major credit bureaus once every 12 months through AnnualCreditReport.com. Moreover, many financial institutions and credit monitoring services provide access to free credit scores, which may be updated more frequently (sometimes daily) for informational purposes.