How Often Are Credit Reports Updated?

Credit reports can be inaccurate, and not all creditors are timely in reporting changes. If you request a copy of your credit report and then find mistakes, you have the right to dispute any errors. It is important to have any inaccuracies on your credit report corrected so that you can maintain a good credit score.

Monthly

Most financial institutions and creditors send an updated report to the major credit bureaus every 30 days. However, since a person can have several different lines of credit with due dates at different times throughout the month, updates may be sent electronically according to each creditor's reporting schedule.

Updates

The timeframe for when your credit score gets updated can vary according to how often a creditor sends a credit report to the credit bureau. Most credit reports are updated within a week or two after the creditor's billing cycle ends. Some smaller lenders only report every three months; therefore, it could take up to 90 days for a payoff to appear on your credit report.

Quarterly

The three major credit reporting bureaus--Equifax, Experian and TransUnion--update official credit reports quarterly. However, the information is actually revised minute by minute as these reporting agencies receive new reports from creditors. Under the Fair Credit Reporting Act (FCRA), consumers have the right to know the sources of the information contained in the report, as well as the names of any individuals who received a copy of their credit report within the last 12 months.

Report Format

Credit reports are printed using abbreviations and codes that normally only lenders can interpret. The report requested by a consumer is formatted differently from the credit reports issued to lenders. Credit disclosures provided to consumers are easier to understand, whereas the information on an official credit report is set up to be read by a computer. This format is often confusing to a layperson.

Mistakes

The FCRA gives consumers the right to challenge any incorrect information appearing on a credit report. You can dispute the accuracy of a report if you feel it contains incorrect, false or incomplete information. If any information appearing on your report is older than seven years, you have the right to object to that as well. Address any questions you may have about information on your credit report by writing a letter to the credit bureau and sending it via certified mail. Include your social security number, birth date and contact information. If you challenge something on your credit report and the original creditor cannot verify the information by providing proof within 30 days, the credit bureau must delete that information from your credit report.

Request an Updated Report

Once any corrections have been made to your credit report following a dispute, request an updated copy of the report. By law the credit bureau must provide you with a free credit report update. In addition, you can request that the credit bureau send an updated copy of your report to any banks or creditors who recently inquired about your credit status. A copy of the updated report should be provided to anyone who receives a report within the last six months prior to corrections being made.

Free Reports

Consumers may request one free copy of a credit report from each of the three major credit bureaus once each year, allowing them to examine their credit reports for mistakes. You can request either a single bureau credit report or a report comparing the information gathered by the three major credit bureaus.