Online access to your credit score is possible if you have a minimum six-month credit history. This information is provided by the three major credit bureaus as well as some third-party score providers. However, if you are unable to see your score, it's possible that there is a technical glitch or that your score is not being reported. This is normal. You will not be penalized.
Why you won't be able to see your credit score
There are a few reasons why your credit score is not visible. Your credit score may temporarily drop if you've recently paid off your loan. Paying off a loan can also lower your score because you have a shorter credit history. This is significant because 10% of your credit score depends on how old your accounts are, so repaying a loan could lower your score.
Another reason why your credit score won't be visible is that there's not enough information in your credit report. Because not all lenders report account activity directly to the credit bureaus, your report may be inaccurate. Also, your score will not be calculated based upon recent activity. Your credit history may also be inaccurate or outdated.
Technische problems
Lenders use credit scores to decide if a borrower is a suitable candidate for a loan. Sometimes technical problems can prevent lenders from accessing the data. Equifax is a multinational consumer credit reporting company. The latest glitch affected over 1 million people. It caused increased interest rates to be applied for loans and denied applications. Despite the impact of the glitch, the company has since fixed it.
This is not ideal but you should still contact your credit reporting company immediately to find out the details. There have been several instances in the past few years where the companies have committed data breaches that have compromised consumer information. Equifax exposed the financial history of 150 million customers in one such breach. The company settled the case for $700,000,000 and provided four years of credit monitoring to all affected consumers, as well as $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 fixed the initial problem, but the Consumer Financial Protection Bureau could still have problems with the company. The bureau is currently investigating three credit-reporting agencies. The glitch affected nearly 2.5 million consumers within three weeks. Mortgage lenders often view scores from all three businesses.
Credit bureau error
You have the right to correct any errors in your credit report. 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. You can still dispute the bureau's decision by providing additional details.
While errors won't affect your credit score in most cases, they could affect your ability to obtain credit in the future. If you have an error on your credit report, you should dispute it to prevent further damage. This process is free and simple, even though it may take some time. Contact the bureau immediately if your credit report contains incorrect information.
If the credit bureau won't fix the error, you can try to contact the data furnisher. This is the financial institution that supplied the data to the credit agencies. The data furnisher should be listed on your credit report. Data furnisher has 30 days to investigate the complaint. They must also remove any inaccurate information from your complaint if they discover it.