Online credit scores can be viewed if you have had a credit history for at least six month. These information are provided by both the main credit bureaus and third-party score provider. You may not be able to view your score if there are technical issues or your score isn’t being reported. This is normal and you will not be penalized.
Why you won't be able to see your credit score
There are many reasons your credit score may not show up. If you have just paid off a loan, it is possible that you have been subject to a hard inquiry, which temporarily lowers the score. Your score can be affected by a loan being paid off, especially if you have a less credit history. This is important as 10% of credit scores are based on your accounts' age. Therefore, paying off a loan may lower your score.
Another reason you can't see your credit score is that you don't have enough information on your credit report. You may not have accurate information about your credit score because some lenders won't report account activity all three credit bureaus. In addition, your score is not calculated based on recent activity, and your credit history may be outdated or incomplete.
Technical glitches
Lenders evaluate credit scores in order to determine if a potential borrower is a candidate for a loan. Sometimes technical problems can prevent lenders from accessing the data. Equifax, a multi-national consumer credit reporting agency, was the latest victim of a technical glitch. It resulted in increased interest rates and denied loan applications. However, despite the glitch's impact, the company has since corrected the error.
Even though it is not ideal, you should contact your credit reporting agency immediately to get the facts. In the last few years, there have been numerous data breaches by companies that have exposed consumer information. In one of them, Equifax revealed 150 million people's financial history. The company settled for $700 million, and affected consumers were given four years of free credit monitoring and up to $125 in cash. Money reached out to Equifax but they did not reply. They do recommend that consumers keep their credit reports updated.
Equifax has since corrected the initial problem but the Consumer Financial Protection Bureau may still be a concern. The bureau is currently investigating the three major credit report companies. Over three weeks, the glitch affected approximately 2.5 million people. The scores of all three companies are often viewed by mortgage lenders.
Credit bureau error
If you believe that your credit report contains an error, you have the right to dispute it. This can be done by contacting your bureau and providing further information. The bureau might not be able to resolve your dispute in all cases and it may report the matter on your credit history. However, if you are not happy with the bureau's decision, you can dispute it again by providing additional information.
Most errors won't impact your credit score. But they could limit your ability to get credit later. To prevent any further damage, dispute an error on credit reports. This process is free and simple, even though it may take some time. You should notify the bureau immediately if inaccurate information is found on your credit report.
If the credit bureau is unable to fix the problem, you may contact the data supplier. This is the financial institution that provided the data to the credit bureaus. The data furnisher should appear on your credit reports. You have 30 days for the data furnisher to investigate your complaint. They have 30 days to investigate your complaint and remove the incorrect information from your report.