Equifax Score

[CHH1023]

So I noticed that my credit score dropped 30 points in a day because one of my student loan's companies sold my account to another one.

is it normal?

[kork13]

I wouldn't worry about a day-to-day change in your credit score. Depending on which agency, what data they're looking at, and what time of the month (reporting cycle) it is, your score can easily vary by that much or more. Do the stuff you can control to make sure you keep your credit in good shape, and otherwise I wouldn't worry about what your credit score looks like. You certainly don't need to worry about monitoring what it is from one day to the next.

[Hector]

Originally Posted by CHH1023

So I noticed that my credit score dropped 30 points in a day because one of my student loan's companies sold my account to another one.

is it normal?

Where and why do you check your credit score on daily basis? I haven't checked my credit score in 4-5 years. I check my credit report every 4 months, but I never felt need to check my score.

[CHH1023]

Originally Posted by Hector

Where and why do you check your credit score on daily basis? I haven't checked my credit score in 4-5 years. I check my credit report every 4 months, but I never felt need to check my score.

it's a ritual thing, I check it daily same as my bank balance and other stuff....hah

[disneysteve]

Originally Posted by CHH1023

it's a ritual thing, I check it daily same as my bank balance and other stuff....hah

I think the question was how do you check it daily. I'm assuming you pay for one of the credit monitoring services that allows you to do this. Why do you feel you need to do that? Have you been an identify theft victim?

And why do you check your bank balance every day? I don't really have any need to do that as I know my effective balance - it is the number in the checkbook register.

[carolan]

Originally Posted by Hector

Where and why do you check your credit score on daily basis? I haven't checked my credit score in 4-5 years. I check my credit report every 4 months, but I never felt need to check my score.

Do you know that there are 3 companies that do credit reports? Experian, Equifax and TransUnion. You should check them all out. You should get a report every 6 months or so. Your score is based on: credit history, age of credit history, balances, credit inquiries and types of credit. If you disagree with the report, just go online and fill in the dispute form.

[disneysteve]

Originally Posted by carolan

Do you know that there are 3 companies that do credit reports? Experian, Equifax and TransUnion. You should check them all out. You should get a report every 6 months or so.

You can get one free report each year from each bureau. So what many people do is what Hector alluded to: get one report every 4 months, rotating through the 3 companies. That way you get each company's report once each year.

[CHH1023]

Originally Posted by disneysteve

I think the question was how do you check it daily. I'm assuming you pay for one of the credit monitoring services that allows you to do this. Why do you feel you need to do that? Have you been an identify theft victim?

And why do you check your bank balance every day? I don't really have any need to do that as I know my effective balance - it is the number in the checkbook register.

Yeah I use EquiFax Complete and it cost $17/month, it also covers up to 1 million dollars for the lost due to identity theft.

I check my balance daily because its like checking my weight everyday in the morning, it's a ritual thing. haha

[Joi]

You're probably better off using USAA credit monitoring (which is available to both military and non-military members). It's five bucks cheaper than Equifax Complete, and you can pull all three reports and scores every 24 hours.

Also, I wouldn't pay attention to any credit score that you get from a credit monitoring service, since they are really "educational" scores and are not used by lenders to determine your credit worthiness. The one score available to consumers for purchase that is used by the majority of lenders is the Equifax FICO. The Transunion FICO available for purchase is based on an older scoring model which is no longer used by lenders.

[JoshuaHeckathorn]

I seriously doubt the credit scores they're giving you access to are FICO scores, so I wouldn't pay much attention to them anyway. They're just estimates that no real lender would ever actually use.