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Topics addressed on April 28, 2010:
Credit information is updated continuously
How often is credit information updated?
Information in your credit report is constantly being added, updated or deleted. It could change daily, or even more than once a day.
Account information is typically updated after payments are received and posted. However, all of the information in your credit report is not updated at the same time.
For example, businesses have different due dates and payment cycles so they report updates from their portfolios at different times. Because most people have more than one credit account, their account information will be updated at different times throughout the month rather than on one day each month.
Also, a large credit card company may have millions of accounts. Instead of reporting them all at once, the company will report a portion of them at a time. Doing so makes it easier to manage vast amounts of information.
So Experian is continuously updating its records with the new information.
There may be other items in your credit report, as well. If a public record is filed — a civil judgment, tax lien, or bankruptcy — a record of the filing may take a week, a month, or more to appear. If you apply for credit, a record of that application, called in inquiry, is instantly added to your credit report.
Your existing creditors may conduct account reviews, resulting in inquiries being added to your report. Preapproved offers, inquiries for employment purposes and inquiries for insurance purposes may also be added to your credit report. They are not shown to lenders and don’t affect credit scores, but are still a change you might want to know about.
While some information is being added, other information is being removed.
Late payments are deleted seven years from the original delinquency date. Inquires, closed accounts, and public records each have rules for when they will be expunged.
Your credit report is a snapshot of your credit history at the moment in time that it is accessed. Get a report a day later, or even a few hours later, and it could be a little bit different than the one you just received.
Thanks for asking.
- The "Ask Experian" team