Why has my credit score not changed yet?

It can take some time before you see a change in your score. As long as you can see your LOQBOX Save loan and repayments on your credit report, it’s building your history for you and this should reflect in your score in due course.

The reporting of your loan data to the three credit reference agencies or CRAs (Experian, Equifax and TransUnion) is always a little delayed at the start. We report all data at the end of each month for activity in the previous month. So, a payment taken in January, for example, would be reported at the end of February. Once we have submitted the data in a report to each CRA, it usually takes them about 20 days to validate the report and add the data to the relevant credit records for all of our customers. 

Because of this delay, it can often take a while for the first payment to be reported, but once we have reported the first payment this establishes the loan record on your credit report. Once the record is on your report it should be visible the next time your credit report refreshes. This is important: when you check your credit report you are often not looking at a live copy of your report. Instead, you are viewing a snapshot that is usually collected once a month. If you check the report you should see the 'report date', this will tell you when the report was created.

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