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How Often Does Credit Karma Update?

Posted by Arch on August 14, 2019
How Often Does Credit Karma Update

At Credit Karma, they believe that your credit scores should be free. Therefore, besides free credit scores, they offer tons of other privileges.

You can expect to receive your reports and scores, get recommendations, plus all of their services for free.

However, many people still get confused with certain questions. This article will answer the most frequently asked question – how often is Credit Karma updated –  and help you better understand the platform’s services.

Question 1: How Often Does Credit Report Information Update on Credit Karma?

TransUnion updates are available every 7 days through your Credit Karma account. With that in mind, all that you have to do is simply log in and check for updates.

You can see the date of your last update as well as the date of the next one. That information is located below your current credit score.

What most people don’t know is that the information on your credit report won’t change with every update on Credit Karma. That solely depends on the creditors. It might take up to 30 days, or even more in some cases, for creditors to report new payment activities or balances to credit bureaus.

Besides that, the frequency of their updates can vary as well.

Credit Karma doesn’t exactly know when creditors will update your credit information. That’s because they don’t receive their reports directly from creditors.

To avoid errors, mistakes, and complications, Credit Karma experts advise you to frequently check your updates.

Question 2: How to Dispute a Mistake on Your TransUnion Credit Report?

Mistakes and errors can occur even if you keep a close eye on your credit updates. When you notice an error or a mistake on your Credit Karma report, you should immediately file a dispute with TransUnion.

You can’t do that directly on Credit Karma as they aren’t a credit bureau. As a matter of fact, Credit Karma receives all of their information from TransUnion, which is why you should file a dispute directly with TransUnion.

To file a dispute online, you’ll need to enter the following information:

a. Full name.
b. Social Insurance Number.
c. Date of Birth.
d. Telephone number.
e. Current Address.
f. Previous Addresses .
g. Documentation to support your request .
h. Reason for your dispute.
i. Name of the disputed item.

Make sure that you have all the required information before filing your dispute.

Question 3: Will Your Credit Score Get Lowered If You Use Credit Karma?

Since Credit Karma deals with soft inquiries, your credit score won’t get lowered if you use their services.

Soft inquiries are used as a personal reference, therefore they don’t impact your credit score.
check scores

On the other hand, hard inquiries can affect your credit score. They get placed on your credit reports every time you apply for a new credit line.

Question 4: Can You Access Your Credit Score History?

Before Credit Karma updated TransUnion’s scoring model, users could easily check their past score histories.

Unfortunately, that isn’t possible after the update. Although you don’t have access to your credit score history, that won’t affect your credit scores. In other words, you won’t lose your credit history despite not being able to see it.

The new algorithm is not only more advanced, but it helps Credit Karma’s users to see the big picture when it comes to their credit scores.

Question 5: What Is Considered a Good Credit Score?

You should always aim for a good credit score for many reasons. But what’s considered a good score at Credit Karma?

Credit Karma uses the regular 300 to 900 scoring model. According to that model, credit scores between 720 and 799 are considered Very Good. Credit scores above 800 are considered Excellent.

You should keep in mind that different lenders have different scoring models. That means that your credit score might be considered Excellent in one scoring model, but could be labeled as Very Good in another one.

The scoring models entirely depend on the lenders.

Question 6: Why Did Your Credit Score Drop?

You can always check your credit reports on Credit Karma and see if your balance has changed. The most common reasons why your credit score has been lowered include:

a. Missed payments.
b. Late payments.
c. High credit utilization.
d. Recently opened account.
credit karma

Become a Credit Karma Expert

Those are the most frequently asked questions by Credit Karma users. We’ve answered them in detail to help you understand their services better. If you’re still in doubt regarding a certain question, you can ask for more information on Credit Karma’s Support page.

Have you learned something new about Credit Karma? Which questions were you interested in the most? Let us know in the comments below.

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