Is Equifax not updating your credit score? Read this article to find out everything about it and what you can do to improve the situation.
When people use a credit card to make purchases, it directly affects their credit report. These reports are submitted by lenders from whom you “loan” the money. Your credit score defines your financial behavior – how you repay loans, how often you avail credit, your salary versus the credit you avail. Services like Equifax present this number as your credit score based on your purchase patterns. If you have a decent credit score, you can get your credit extended at cheaper interest rates.
Since credit score plays such an important role in making financial choices, your credit score must always be up to date and above a healthy threshold. And because users pay a certain amount to use the Equifax services, there shouldn’t be any lapses in the credit score provided by them.
Equifax claims to provide its consumers with the most relevant credit score at every login. But what can be done if you do not agree with a few things that reflect in your credit score? And what should be the next course of action if your credit score does not seem updated? Keep reading to find out!
How often does the Equifax credit score update:
As mentioned earlier, a user’s credit report is supposed to update once every day upon login. Any valid changes should instantly reflect on your report. Hence, even if it’s a minor change, you should be able to see a difference in your credit score. It is recommended to keep a copy of your score in the form of a PDF. Save a copy whenever there is a significant change in the report.
This will help if you ever want to raise a dispute regarding a certain issue. We recommend reading through what the plans offer, as several peeps seemed to have gone wrong with their plan choice. To get a clear idea about the different Equifax plans, click here.
I’ve just read through numerous complaints on the forum about Equifax not updating and it does seem like Equifax only updates when a report is available. With the family plan my report is only available quarterly which sucks and I should have read the description better when I signed up. – a Equifax user on a forum
What if your score does not look updated?
You may receive an outdated credit report if one of your credit providers hasn’t updated their credit information. According to the recent changes in the agreement, it is important that these changes/updates are made every month. This ensures that credit providers have enough time to go through every payment freeze request. If your credit provider fails to update the details, you will be shown a report based on the previous month’s payment status. In such cases, you can raise a dispute by going to the My Credit Report section.
Some users were able to get an updated credit report by paying for an extra report. With Equifax already charging a subscription fee, paying for a report does not seem fair. But, it is still an option that you can use when there is an urgency. You should also cross-check if your bank reports to Equifax. Not every bank will provide Equifax with a credit report. If your report does not include information from a specific bank, this is a likely scenario. Credit lenders may be very particular about the bureau they report to. Hence, looking into the matter might help you get an updated credit score on Equifax.
Equifax has been very dilatory when giving out credit reports. This has caused many users to walk away from the service. According to a few user experiences, even buying a report did not help their situation. Hence, it is safe to say that the delay in the credit score updates does not have a reliable fix as of now.