How often is credit information updated?
Information in your credit report is frequently being added, updated or deleted. It could change daily, or even more than once a day.
Account information is typically updated every month, but each account on your report may be updated on different days, depending on that creditor's reporting cycle.
When Do Creditors Update Accounts?
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.
Other Information Also Updated Continuously
There may be other items in your credit report, as well. For example, if you were to file for bankruptcy, a record of the filing will appear on your report. That record could take a week, a month, or more to appear. Once discharged, the bankruptcy information will be updated.
Requests for your credit history, called inquiries, are also a part of your credit report. There are two sections of inquiries:
- Hard inquiries. These inquiries can be seen by lenders and others reviewing your report. If you apply for credit or services, a record of that application, called in inquiry, is instantly added to your credit report.
- Soft inquiries. These inquiries can only be seen by you—though there are a couple of exceptions. Soft inquiries on your credit report are only visible to you, except: (1) insurance companies may be able to see other insurance company inquiries; and (2) inquiries by debt settlement companies you have authorized to access your report may be shared with your current creditors. These inquiries have no effect on your credit score as they are never considered as a factor in credit scoring models. Soft inquiries are not disputable but are available for reference.They are not shown to lenders and don't affect credit scores, but are still a change you might want to know about. Some examples are account reviews by existing creditors, preapproved offers, inquiries for employment purposes and inquiries for insurance purposes.
While some information is being added to your credit report, other information is being removed.
How Long Does Information Stay on My Report?
Late payments are deleted seven years from the original delinquency date. Closed accounts that show no late payments may remain on the report for ten years from the date they were closed. Chapter 7 and Chapter 13 bankruptcies remain part of your credit history for 10 years and 7 years, respectively. Inquires remain on the credit report for two years.
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.
Jennifer White, Consumer Education Specialist