How Often is My Credit Report Updated?

When it comes to timing and payment of credit cards, information is not updated as frequently as most consumers would like for it to be.

Credit report lag is a huge cause of confusion for Consumers. Once you pay off a credit card, it becomes exciting to see the changes this makes on your overall score; however, credit reports are not updated right away, meaning you may not see a change for a little while. Ugh… How disappointing!!

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Prior to deciding to freak out and believe something must be incorrect understand that, generally, creditors forward info like balance updates and new accounts to credit reporting agencies monthly, not daily. The primary factor to take into account is not that every financial institution reports to all 3 of the credit bureaus unfortunately. Additionally, each creditor updates their system on different days of the month, so although you may have paid off all of the credit cards on the same day, the latest balances most likely are not going to be reported at the same time.

You should always familiarize yourself with how public records & hard inquiries are reported. When it comes to hard inquiries, like applying for loans, credit bureaus update inquiry information right there and then, which means you can view this info pretty much as soon as it is dispatched. However, when it comes to public records such as bankruptcies, tax liens & judgements, the process is never the same. Even if you have addressed a long standing delinquency, the credit bureaus more than likely will not receive the updated info right away, especially since every court has different conditions when reporting public records.. In general, negative marks usually stay on your credit report for many years, so many times; a quick fix just isn’t possible. Of course it’s not what we want, but it just is what it is.

Since changes do take some time, it is very important for you to remain patient in seeing positive changes. If you can give it a month or maybe even 2 before you expect the changes, this will allow you to keep your sense of sanity.. So just keep that in mind. However, it is always to remain mindful about when you have made pmts or had negative marks eliminated, how many accounts you ought to have open along with the info that all 3 bureaus have on your file. In the event that you notice incorrect or outdated information on your credit report, you’ll be able to file a dispute with the 3 credit bureaus that are reporting the wrong information. If you need help figuring out how to dispute something on your credit report, call Nationwide Credit Clearing.
All in all, nothing will help keep you on top of things like a little bit of patience and diligence. So the next time you check on your credit, keep in mind patience is a virtue!!

On another note, if you have not even checked your credit report due to you being afraid to see what is on there, it’s not doing you due diligence.  This is where Nationwide Credit Clearing comes in.  Nationwide Credit Clearing has over 20 years of experience repairing credit of all types. We have helped thousands of people improve their credit score by removing inaccurate, misleading or unverifiable information. We deleted over 25,000 items last year alone.  

So don’t be afraid, there is no time like the present.  Give us a shout here at Nationwide Credit.  We are the home of the free credit report and consultation!!

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703



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