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Topics addressed on August 9, 2006:
Credit report information is updated daily
I understand you update your records once a month. What day of the month do you update your records from information received from credit card companies?
Yours is a common misunderstanding. Experian actually updates credit report information continually, every day.
Not all bills are due on the same day of the month. People pay their bills on different days, and creditors send their account updates to Experian on different days, too. Further, Experian representatives collect public record updates at scheduled intervals from courthouses across the nation.
Different credit card companies report at different times. Many large credit card companies stagger their billing cycles in manageable portions of their total portfolio. Each portion is reported at a different time during the month.
There even are a few large credit card companies that are beginning to update information almost in real time, reporting account changes to Experian as they occur. That means accounts, mortgages and public records are being updated continuously as they arrive from many different sources.
At the same time, negative account information is being deleted as it reaches the time frames specified in the Fair Credit Reporting Act (FCRA). Inquiries are being added if you apply for credit, and closed accounts may be removed, also as specified by the FCRA.
It is possible for your credit history to change every day, or even several times in a single day depending on when your creditors update your account information, the status and age of your accounts, which can cause information to be deleted, and whether or not you are applying for new credit.
Thanks for asking.
- The "Ask Experian" team