Online access to your credit score is possible if you have a minimum six-month credit history. These information are provided by both the main credit bureaus and third-party score provider. If you cannot see your score, it is possible that there has been a technical glitch, or that your score isn't being reported. This is normal and you will not be penalized.
The reasons your credit score isn’t visible to you
There are several reasons you may not be able to see your credit score. First, if you have paid off a loan recently, you might have received a hard inquiry which temporarily lowers credit score. Paying off a loan can also lower your score because you have a shorter 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.
A lack of sufficient information on your credit reports could also explain why you aren't able to see your credit score. Some lenders don't report account activity to all three credit bureaus, so the information on your report may not be accurate. In addition, your score is not calculated based on recent activity, and your credit history may be outdated or incomplete.
Technical glitches
Lenders will use credit scores to determine whether a borrower is a good candidate. Sometimes, technical issues can block lenders from seeing the data. Equifax is a multinational consumer credit reporting company. The latest glitch affected over 1 million people. It resulted in increased interest rates and denied loan applications. Despite the impact of the glitch, the company has since fixed it.
It's not ideal, but it is a good idea to immediately contact your credit reporting agency to learn what happened. There have been a number of data breaches in recent years that have resulted in compromised consumer information. Equifax exposed 150 million Americans' financial records in one instance. The company settled for $700m. All affected customers were offered four years of credit monitoring free of charge and $125 cash. Money reached out to Equifax for comment but the company did not respond. However, Equifax recommends that consumers regularly review their credit reports.
Equifax may still be facing problems with the Consumer Financial Protection Bureau, even though it has now fixed the initial issue. The bureau is investigating three major credit reporting 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. You can do so by contacting the bureau in question and providing more information. Some bureaus will not accept your dispute and may leave it on credit reports. You can still dispute the bureau's decision by providing additional details.
Most errors won't impact your credit score. But they could limit your ability to get credit later. To prevent further damage, it is a good idea to dispute errors in your credit reports. While this may take some time, it is easy and free. Contact the bureau immediately if your credit report contains incorrect information.
The data furnisher can be contacted if the credit bureau refuses to correct the error. This is the bank that provided the data. The data furnisher should be included in your credit report. The data furnisher will have 30 days to investigate your claim. If they find that the information is inaccurate, they must remove it from your report.