How Frequently Credit Reports Are Updated

Your credit report is a dynamic document that is updated regularly by the credit bureaus. When you do something such as make a payment or open an account, this information eventually finds its way onto your report. How quickly this happens can vary from one case to the next.

Creditor Reporting

One of the the key factors to consider is how frequently your creditor reports to the credit bureaus. Credit bureaus typically update your credit report as soon as they receive information. However, they cannot do anything until they get the information from the creditors directly. Some larger creditors such as credit card companies update their records every month. Other smaller creditors and lenders might only update their files with the credit bureaus approximately once every quarter.

Changing Credit Score

Your credit score is calculated from information in your credit report. When the credit bureaus receive information, your credit score is typically updated very quickly after the changes are made to your credit report. This means that if you need your credit score to be raised, you usually have to wait on the creditor to provide the information. Then once this happens, the credit bureau can recalculate your score based on the new information.

Rapid Rescoring Service

In some cases, you may be able to get your credit report updated faster. By working with a rapid rescoring service, you can get your credit updated within two or three days. These are companies that charge a fee to communicate with the credit bureaus. They have relationships with credit bureaus and can get your credit score change very quickly. To work with one of these services you have to be in the process of trying to get a loan with a mortgage lender or some other kind of lender.

Contacting Credit Bureaus

If you get a copy of your credit report and you see that something is not accurate, you have the right to contact the credit bureaus and get it changed. Each credit bureau has a system for disputing items on your credit report. When you do this, you must also include some type of proof that the item on your credit report is not accurate. This can take three to four months to complete so it is best to plan ahead before you need to secure financing.