Why Your Credit Score Might Be Unavailable
It is quite rare for your credit score to be unavailable on WalletHub – this problem impacts only about 2% of people – but there are a few of reasons why it can happen. And while the inability to obtain your credit score can be understandably unnerving, the cause isn’t likely to be anything that warrants much worry.
Here are the most likely explanations:
You Have A Thin Credit File: Credit scores rely on the information in your credit reports – particularly your history paying back loans and lines of credit – to essentially predict how risky it would be to lend you money. When there isn’t any data about such accounts in your file, a score cannot be generated because the inputs that make the scoring model work properly simply aren’t there.
This is most common for people who are new to credit, such as young adults and recent immigrants or divorcees. The easiest and most dependable way to add information to a thin credit file and thereby garner a credit score is to place a deposit on a secured credit card. The amount of this security deposit, which can be as low as $200, will serve as your credit line. That not only prevents you from spending beyond your means, but it also reduces the risk from the issuer’s perspective and will likely enable you to get approved even with limited credit. Having a new account reporting to the credit bureaus each month will help build out your thin credit file, even if you don’t use it to make purchases.
If you already have an active credit card or loan account, you may just need to give it a bit more time before a score can be generated for you. There tends to be a delay between when a credit account is opened and when it first shows up on your credit report, thus impacting your credit score.
It’s A Glitch: If you have at least one active loan or credit card account that has been reporting information to the credit bureaus for an extended period of time and your credit score still isn’t available, the cause is likely to be a technical error that has little, if anything, to do with you in particular.
In other words, you needn’t worry about anything untoward going on in this situation. Just try again tomorrow or in a couple of days, and your credit score should be available.
The Bureau Has Duplicate Files For You: In rare occasions, a credit bureau error will result in an individual having more than one credit report, which in turn triggers an error that prevents a credit score from being generated. This usually isn’t the product of any malice or fraud, but it is an issue you’ll want to report if you wish to remain credit-aware.
Interestingly enough, WalletHub business analyst Vikas Coca provides an excellent case study for how to deal with this problem, having encountered it in March 2016. “It wasn’t a big deal at the end of the day, but it definitely freaked me out initially,” Coca said. “Fortunately, I was able to fix the problem relatively quickly with the help of TransUnion. It didn’t end up costing me at all.”
We hope this information helps to clarify why your credit score is currently unavailable on WalletHub. If you continue to encounter difficulties or you believe there is another explanation for the issue, please be sure to let us know.
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