Not all consumers qualify to have a credit score. Their credit files might not have enough information to generate a credit score with the credit scoring models. This is often called a “thin file.” In order to be “scoreable,” your credit reports need to meet three minimum qualifications:
- You must have at least one account that has been open for six months or more. This is determined based upon the listed opening date of the account. Remember, you only need one of these accounts.
- You need to have at least one account that has been updated within the last six months. This is determined based upon the date reported to the credit bureaus.
- Your credit files can’t have any sort of “deceased” indicator on them. If you have a joint account with someone who passed away, it is possible that the lender will report the account as belonging to a deceased person. And if you’re a joint holder of the account, that notation can show up on your credit reports too. If it does, your credit reports won’t be scored.
All consumers are entitled by law to a free copy of their credit reports each year. You may wish to pull your credit reports to verify that the information in your credit files at TransUnion, Equifax, and Experian are accurate. To do so, go to www.annualcreditreport.com to pull your credit reports for free once every twelve months. After you pull your credit reports, the site should provide you with direct contact information to the individual credit bureau in question. Please note that annualcreditreport.com does not provide you with your credit scores.