How often are Credit Scores updated?

Zoel91

I know everything sits there forever and the past 12 months have a big impact.
But I need to reapply for my mortgage I've been missing a few payments on other debts (credit card) but working hard on paying these off now. I've gone to working part time which is an issue so trying to get my score better. Currently sitting high end of fair so not too bad but would like it better.

LupusWolf

I believe it is once a month.

fermi

A creditor will score you on the date they do it, based on the data available on your reports at that time. Creditor's scores do not 'update' in that sense.

Candyapple

Zoel91 wrote: »

I know everything sits there forever and the past 12 months have a big impact.
But I need to reapply for my mortgage I've been missing a few payments on other debts (credit card) but working hard on paying these off now. I've gone to working part time which is an issue so trying to get my score better. Currently sitting high end of fair so not too bad but would like it better.

Good luck with that, I think those missed payments are going to be a massive hinderance and possibly even a decline on obtaining a remortgage.

Your credit 'score' is meaningless, it's just a marketing tool to get customers to pay for it in the hopes that it means something (it doesn't, no lenders look at it or use it). Your credit history is what matters; if you repay your debts on time, if you're on the electoral roll etc.

Don't forget that there are 3 credit reference agencies so just because you have a meaningless high score with one, means that you may have a lower score with another. You need to check all 3 of them to see the true picture.

Zoel91

Thanks everyone. I just did a quick check last night and not really looked much into it yet, I know there are many and everyone uses different but I just wanted advice.
Don't necessarily have to remortgage but my fixed rate is ending.

ashp_2

Zoel91 wrote: »

Thanks everyone. I just did a quick check last night and not really looked much into it yet, I know there are many and everyone uses different but I just wanted advice.
Don't necessarily have to remortgage but my fixed rate is ending.

You can check all 3 CRA's for free:

Noddle (callcredit)
Clearscore (Equifax)
Credit Expert (Experian- you can only get your score free not the info within)

I would check all 3 before applying for anything. As mentioned above those late payments are going to cause you some issues.

DCFC79

ashp wrote: »

You can check all 3 CRA's for free:

Noddle (callcredit)
Clearscore (Equifax)
Credit Expert (Experian- you can only get your score free not the info within)

I would check all 3 before applying for anything. As mentioned above those late payments are going to cause you some issues.

Definitely check all 3, it's a wise move to do so.

PixelPound

LupusWolf wrote: »

I believe it is once a month.

If you subscribe to the free services then they provide you with an updated score monthly, or there abouts. Your files are updated whenever the creditors provide info to the CRA's, so may well change at different times over the month depending on when each creditor report and how often they report (some do at less than monthly such as only when there has been a change on the account).
Your score is a snapshot, so if you have a paid subscription it is possible to request an update snapshot in between (well it was when I had a free trial a year or so back).

Remember, OP, scores are meaningless. You should be looking at the dates of the missing payments and when they drop off, rather than the score