How often is your credit report updated? Let’s say you have decided to pay off all your previous debts in order to get a better deal on your insurance and need to have it updated as soon as possible so you can qualify for that lower insurance rate. The answer is at most thirty days although it could take less time than that. That is the time it takes for your billing cycle to complete and your creditor to update your records with the different credit bureaus.
How often is credit report updated?
One consumer at Experian was asking “how often is my credit report updated” at the said bureau because she needed to have her recent loan payment reflected immediately. She asked whether there was something that she could personally do to expedite the process. A member of the Ask Experian team responded that the best option is to ask for what is called a rapid rescore for her creditor. Although this will cost some money, between $25-$30, since someone from the credit reporting bureaus will have to request a representative in the bureau to manually update the credit record and score. An individual can do nothing such as make a personal follow-up and the most that anyone can do is request a rapid score recalculation for a price. It should be noted too that not all creditors or lenders offer this type of service.
Another instance where a credit report needs to be updated or a rapid rescore is needed is when a dispute is being made. That is the only time that the individual is not responsible for the fee that comes with a rapid rescore. The amount should be shouldered by the lender.
The question “How often is credit report updated” can also be answered with a “whenever necessary” in the case of a dispute. Even if the individual has already claimed her one free annual credit report and score, she will not be required to pay for an updated credit report if she is doing it after a dispute. In fact, it is a requirement for the agency to provide an updated credit report after all corrections have been made.
One more important thing to note down is that rapid rescore or a credit update is by no means a method of credit repair. Some consumers pay off all of their credit card debt as soon as they can in the hopes of improving their low credit score that has been partially caused by a late credit card payment. A late payment will still be reflected in the credit report and will continue to affect the credit score for the next seven years. So paying off all current debt will not cover up a missed payment.
At the end of the billing cycle and as long as it takes for the lender to update its own records is the most accurate answer to the question, “How Often Is Credit Report Updated?”.