If you’re working to improve your credit or watching for a specific change to your credit report, you probably want to know how often your credit report updates. Being able to predict how your credit report—and ultimately your credit score—will change is a concern for anyone who knows the importance of having good credit or anyone who hopes to be approved for a major loan soon.
The timing of credit report updates largely depends on when lenders, credit card issuers, and other companies you have credit accounts with send your account information to credit bureaus. If you have multiple accounts with several businesses, your credit report could update daily.
How Credit Updates Work
The businesses you have accounts with—credit card issuers and lenders—send your updated account information to the credit bureaus at different times throughout the month based on their own schedule. Information in your account updates includes your current balance, payment status, and credit limit. New inquiries to your credit stemming from any applications you’ve submitted are also reported to the credit bureaus. After receiving updates, credit bureaus compile that information and adjust your credit report (and score) accordingly.
You can dispute inaccurate or incomplete information to remove it from your credit report. If you dispute an item, the results of a dispute will update as soon as the credit bureau completes the investigation. This credit bureau has 30 days to complete its investigation and, in some cases, may have an extra 15 days to investigate.
When Companies Report Your Information
Credit bureaus don’t have timing requirements for reporting information and the Fair Credit Reporting Act only requires creditors to provide accurate and timely information.
Creditors send account updates like payment status and current balance to the credit bureaus at various times throughout the month, but generally every 30 days on the day your billing cycle ends. Some creditors may send your account information every 45 days.
It may take up to a month for changed balance amounts to appear on your credit report. If you pay off a balance this month, it may not appear on your report until next month.
How Often Your Credit Report Changes
Because creditors that report to credit bureaus are continuously updating your information, your credit report can update as often every day or more than once a day. That doesn’t mean all your accounts are updated daily, though. The businesses you have accounts with report to the credit bureaus at different times throughout the month.
Once your creditors provide the information to the credit bureaus, it doesn’t take long for updates to appear on your credit report. Since most lenders send credit information electronically, updates sent to the credit bureaus will often show on your credit report immediately. However, it’s also possible not to see any credit report updates if none of your account information has changed significantly.
Most negative marks (e.g., late payments, tax liens, accounts in collections) disappear from your credit report after seven years.
Some credit monitoring services send an alert whenever your credit report information changes, which can provide insight into when your creditors send updates to credit bureaus.
When Will My Credit Score Change?
Once the changes appear on your credit report, the credit bureaus factor the new information into your credit score and the next time you pull your credit score, those updates will be reflected. That doesn’t necessarily mean that every credit report update will move your credit score.
Whether or not your score changes depends on the information updated, the credit scoring model, and other information on your credit report. You’ll notice the most significant credit score changes from activity like late payments or a change in your credit-card balances.
Keep in mind that not every company reports to all three major credit bureaus. Since your credit score is based solely on information in your credit report, some of your credit scores may not update at all despite your actual account activity.
How to Get a Rapid Rescore
A “rapid rescore” gives lenders the most up-to-date version of your credit report. Mortgage lenders often request rapid rescores if you’re trying to raise your credit score a few points to get approved for a loan or to qualify for a better interest rate.
Rapid rescore works when you have proof of a credit report error or you’re able to pay off an account right away and need the deleted error or paid-off balance to change your credit report and score immediately.