What Causes My Credit Score to Change

Your credit score is one of the most important numbers in your financial life. It can affect everything from your ability to get a mortgage or car loan, to the interest rate you pay on those loans. So it’s important to understand what factors can cause your credit score to change.

Your credit score is calculated based on the information on your credit report at a given moment in time.

Your Equifax credit report is updated monthly as your repayment history information from accounts is updated, and as new data is added or removed from your credit file. Information from credit sources might include inquiries and overdue obligations. It can also include public records such as default judgments, court writs, and Chapter 13 bankruptcy proceedings.

Depending on fresh data discovered on your file, your credit score may differ. A new credit inquiry, default, or bankruptcy might harm your rating. Similarly, when information disappears from your file, your credit score can change. The records on your file have a limited lifespan and will drop off after that time period has passed.

The age of your file’s information might have an impact on your score? An inquiry that is one years old has a distinct impact on your score than an enquiry that is four years old, for example. You may notice some fluctuation in your score as the data ages.

You are the most qualified person to notice any errors on your credit report, and they can appear at any time. If you believe there are mistakes on your file, contact the relevant credit provider and credit reporting agency to have the information reviewed and corrected. Depending on the issue, data may be modified or deleted.

If you have found out that you have a default listed against you and are being denied credit due to the bad credit, then contacting Clear Credit Solutions might just be your solution! We work hard to remove these listings off your report so that you can go for finances and be approved for it! So what are you waiting for? Contact the credit repair experts to get started on repairing your credit history!