How Often Does a Credit Reporting Agency Update Your Score?

How often the credit reporting agencies update your credit score can have a dramatic effect on your ability to obtain loans at a favorable interest rate. Typically, there is no schedule for score updates because your lenders report to the agencies throughout the month and your score can change with each report. A low credit score can lead to higher interest rates on the things you buy or prevent you from receiving credit offers.

Lender Reporting

Lenders report your payments to the credit bureaus every 30 to 40 days. When the bureaus receive a report, they update your score to reflect the payment. If the payment is more than 30 days past due, it will show on your report as late. The agencies track your payment patterns for two years, although reports of late payments remain for seven. Your payment history can account for as much as 35 percent of your overall score, according to the Treasury Department of West Virginia.

Different Scores

Each agency has its own way of scoring your credit report and not all lenders report to all three main credit bureaus. A bureau cannot calculate a score if it does not have at least one account that has had at least one report within the last six months. Lenders typically do not check each bureau's report but use only one. This can mean that while one lender who checks your credit with one bureau may refuse to grant you credit, a lender who checks a different bureau may offer you a loan.

Reporting Errors

Request your credit report from each of the three main agencies to look for errors that can be lowering your score (see Resources). Federal legislation provides you with one free report each year and a free report if a lender denies your credit application. If you see an error on your report, you can dispute it with the agency and the agency will remove the error after investigation. The bureau will immediately update your score to reflect the new data.

Raising Your Score

Making payments on time and reducing your debt will raise your score over time. If you are already behind in your payments, getting your accounts current will go a long way toward raising your score. Each late payment will show on your report for seven years. Contacting your creditor for help in bringing your account current can help you get back on track if you are experiencing financial difficulties. Do not open accounts that you do not need just to raise your credit score -- it might not help and could even lower your score, according to MyFICO.