How often does Experian update FICO scores? This is a question that often comes up for individuals who are keen on understanding how their creditworthiness is evaluated and how frequently their scores are updated. FICO scores, also known as credit scores, are a crucial factor in determining a person’s eligibility for loans, credit cards, and other financial products. Keeping track of when these scores are updated is essential for maintaining financial health and making informed decisions.
Experian, one of the three major credit bureaus in the United States, plays a significant role in the calculation and dissemination of FICO scores. The frequency with which Experian updates FICO scores can vary depending on the type of score and the specific circumstances. Here is a closer look at how often Experian updates FICO scores and what factors might influence this process.
Types of FICO Scores and Their Updating Frequencies
1. Standard FICO Score: This is the most commonly used FICO score and is updated monthly. It reflects the consumer’s credit history and financial behavior over the past 24 months. Lenders typically use this score to assess the creditworthiness of potential borrowers.
2. FICO Score 8: This is the latest version of the FICO score, which is also updated monthly. It includes the same factors as the standard FICO score but may weigh certain aspects differently, such as the impact of new credit inquiries on the score.
3. FICO Score 9: This version of the FICO score, which is still in use, also updates monthly. It is designed to be more forgiving for consumers with a limited credit history or those who have experienced financial difficulties in the past.
4. FICO Score 10: This newer version of the FICO score was introduced in 2018 and is also updated monthly. It includes a broader range of data sources and aims to provide a more accurate reflection of a consumer’s credit risk.
Factors Influencing FICO Score Updates
Several factors can influence the frequency with which Experian updates FICO scores:
1. New Account Activity: Opening a new credit account or making a significant change to an existing account can trigger an update to the FICO score.
2. Payment History: Any changes in payment history, such as missing a payment or paying off a balance, can cause an update to the score.
3. Credit Inquiries: A hard inquiry, which occurs when you apply for new credit, can cause an update to the FICO score.
4. Credit Utilization: Changes in the percentage of available credit you are using can also trigger an update to the score.
5. Public Records: Any changes to public records, such as a foreclosure or bankruptcy, can cause an update to the FICO score.
Monitoring Your FICO Score
Monitoring your FICO score regularly is an important step in maintaining good credit health. You can check your Experian FICO score for free once a month through Experian’s CreditWorks program. Additionally, you can use other free resources, such as Credit Karma or NerdWallet, to monitor your credit score and receive alerts about changes.
In conclusion, Experian updates FICO scores monthly, but the frequency of updates can be influenced by various factors. Staying informed about your credit score and taking steps to maintain good credit habits can help you manage your financial future effectively.
