How Often Do FICO Scores Update?
There seems to be some confusion as to when FICO scores update. In lies the confusion, because FICO scores do not actually update. It is the information on each individual account being reported to the credit reporting agencies that updates.
The FICO score is calculated at the moment your credit file is pulled. For example, if the information being reported on your credit file is different this month than it was last month, the new score calculation will take into account the new information. Because of this, it appears as though your scores have updated when in fact it is merely the information being reported.
FICO scores are referred to as a dynamic system. This means that they are calculated using real time and only reflect the information currently being reported to calculate the actual scores. Think of it as a “Snap Shot” of your credit report at that particular instant in time. Credit scores do not have a memory either. Therefore, by getting inaccurate, negative information removed from a credit report, the FICO scoring model doesn’t know the negative information ever existed.
As a credit expert, I provide credit education helping people understand how to build and improve their credit scores. If you, or someone you know, is having issues with credit, contact me to find out how I can help.
Kevin D. Weier
Credit Coach, LLC · Three Point Place, Madison, WI 53719
Phone: (608) 268-6677 · Cell: (608) 774-2434 · FAX: (866) 311-7478
Web: www.creditcoachwi.com · Email: [email protected]
