When Do Creditors Update My Credit Report?

By Carly Kullman

  • Overview

    There are many questions about when a creditor can and will update a person's credit report. While many creditors follow a regular schedule, this might not always be the case.
  • Credit Report Overview

    There are three main credit reporting agencies: Transunion, Equifax and Experian. Each credit reporting agency lists information that states the accounts that you have open, such as credit cards, personal loans and home loans. The agency may also list any bankruptcies that you have or judgments against you. All credit reports may or may not contain the same information. It depends on who the banking firm or business is associated with.
  • Opening New Accounts

    When you open a new line of credit or a personal loan, the lenders will update the information on one or all of your credit reports. Usually, this will take place within 30 days. The basic information that will show on your credit report will be the name of the lender or financial institution, the amount of the loan or your credit line, the balance, the type of account and a payment history overview. When you are applying for lines of credit, the inquiry will appear on your credit report immediately. Basically, an inquiry shows that the lender or creditor has looked at a copy of your credit report to see if you would qualify for its product, whether it be a credit card or a loan.


  • Existing Accounts

    On a pre-existing account, a creditor will usually update the information on your credit report monthly. This information will reflect the same information as a new account, such as the current balance, original balance and the payment history. As long as payments are still made on time, the credit report will be reflected to show that for the previous month. Any delinquencies will be notated with a 30-day, 90-day, 120-day or charge off status. If a lender has sold its account to another lender because of a buyout, the information on a person's credit report may be updated within days of that happening. There is no set time as to when this occurs.
  • Delinquent Accounts

    When an account enters a delinquent status, this information is updated usually immediately, especially when the account has gone beyond 120 days past due or when the account has been charged off. When the original creditor has charged off an account, it is usually sent to a collection agency. As soon as the collection agency receives the debt that has been assigned to it, it will update your credit report immediately to reflect this. The same rings true for any judgment or bankruptcy that you have. The judgment shows up within days of being handed down. When it comes to a bankruptcy, not only does it show on your credit report, but the creditors that you included in your bankruptcy must update their trade lines to say that they were included in bankruptcy and have a $0 balance.
  • Personal Information

    Your personal information is updated when you attempt to establish a new line of credit. The creditor will list any name, address, telephone number, social security number or employer that it has listed for you when you submitted your application. It is crucial that you watch this carefully; sometimes mistakes can happen and lenders can miss a letter or incorrectly report an address or social security number. This will usually take place when you successfully open a new line of credit.
  • During Disputes

    When you dispute information with a credit reporting agency, lender or creditor, the trade line should be reported immediately to reflect that it is currently in dispute. This is very important to show that you are trying to get something settled due to an inaccuracy, especially when it comes to identity theft. Failure to update the trade line as "in dispute" status can cause legal problems for the other party.
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