How often do credit bureaus update my credit report?

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How often do credit bureaus update my credit report?
3 years ago
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If you have ever applied for a credit card, loan or mortgage, the potential lender pulled your credit report from one of the three credit reporting agencies. These credit reports contain your personal information, a listing of accounts you have had open, as well as other creditors who have viewed your credit file. It is up to your creditors to report any changes to the credit bureaus so they may update your report accordingly.

Credit bureaus
There are three main credit reporting agencies: TransUnion, Equifax, and Experian. These companies store information in regards your personal information (name, address, social security number, birth date), the types of accounts you have open, the accounts that you have in positive standing, delinquent accounts, and inquiries.

Opening Accounts
When you open a new account, whether it is a credit card or loan, the establishment that you have borrowed from is likely to report this information to one or all of the credit reporting agencies. The type of information that you will see listed is the lenders name, the amount you borrowed, when the account was open, the current balance on the account, the type of account it is (fixed or revolving}, monthly payment, and your current payment status (current, 30-days late, 60-days late, 90-days late, 120-days late, or charged-off). This information will usually be updated on the first of the month after your account was opened. For example, if you opened a new account in the middle of January, the account would be updated on your credit report around the first week in February.

Personal Information
Anytime you apply for a new account, the personal information that you submit with your application is updated by the credit reporting agencies. In addition, if you move and submit a change of address to your established creditors, they will also submit this information to the credit bureaus and it will be updated when the rest of your account information is updated.

Established Accounts
Any account that you have open will have information updated monthly. This will include any new balance on your account, the monthly payment, and if you are current or late on your payments. Usually the creditor will send this information at the end of the month to the credit bureau. In turn, the credit bureau will update your credit report within one week, usually the first week of the month, to reflect the creditors updates.

It is important to note that not all creditors report to the same credit bureaus. Also, they may only report to one credit bureau as opposed to all three agencies. On the reverse side, some creditors may not report to any of the credit reporting agencies. While the credit reporting agencies try to keep their information as up to date as possible, it is not uncommon for credit reporting agencies to have their information at least a month behind. This means that account information on your credit report is showing for January, instead of the current month, March. This has little to do with any technical flaws, but rather the statement closing dates from your creditor.
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