Online credit scores can be viewed if you have had a credit history for at least six month. This information can be accessed online by all three credit bureaus, as well third-party score providers. If your score is not showing up, it could be due to a technical glitch. This is normal and will not result in you being penalized.
Reasons why you can't see your credit score
There are several reasons you may not be able to see your credit score. For starters, if you have recently paid off a loan, you may have received a hard inquiry on your report, which temporarily lowers your score. Paying off a loan can also lower your score because you have a shorter credit history. This is significant because 10% of your credit score depends on how old your accounts are, so repaying a loan could lower your score.
Another reason you can't see your credit score is that you don't have enough information on your credit report. Some lenders may not report account activity at all to all three credit reporting agencies. This could cause inaccurate information on your credit reports. Your score is not calculated on activity in the past and your credit history could be incomplete or outdated.
Technical problems
Lenders evaluate credit scores in order to determine if a potential borrower is a candidate for a loan. Sometimes, however, technical glitches can prevent lenders viewing the data. Equifax is a multinational consumer credit reporting company. The latest glitch affected over 1 million people. This led to increased interest rates and declined loan applications. Despite its effects, the company corrected the problem.
Although it's not an ideal situation, you should try to contact your credit reporting company right away to find out what happened. In the recent past, there have been several data breaches that have led to the compromise of consumer information. Equifax disclosed 150 million people's financial histories in one case. The company settled for $700million. Customers affected were provided with four years' free credit monitoring and up $125 in cash. Money asked Equifax for comment. It did not respond, however it recommended that consumers review their credit reports frequently.
Although Equifax has fixed the initial glitch, the company could still be in trouble with the Consumer Financial Protection Bureau. The bureau is now investigating the three largest credit-reporting firms. Over three weeks, the glitch affected approximately 2.5 million people. Mortgage lenders typically view scores from all three companies.
Credit bureau error
You have the right to correct any errors in your credit report. You can contact the bureau to dispute it and get more information. Some bureaus will not accept your dispute and may leave it on credit reports. However, if the bureau makes a decision that is not in your favor, you have the option to dispute it again by providing more information.
Although errors are unlikely to affect your credit score, they can affect your ability in the future to get credit. You should dispute any errors on your credit report to avoid further damage. While this may take some time, it is easy and free. Contact the bureau immediately if your credit report contains incorrect information.
You can contact the data furnisher if the credit bureau doesn't correct the error. This is the bank that provided the data. The data furnisher should be included in your credit report. Data furnisher has 30 days to investigate the complaint. They have 30 days to investigate your complaint and remove the incorrect information from your report.