Did you know your credit score can take off just by doing one simple tracking or monitoring technique?
More about that in a minute, but let me ask you this:
Are you looking for easy ways to improve your credit score and wondering how long it will take for your scores to update?
If the answer is yes then this might be the most important article you’ll read today.
And here’s why;
In this blog, you’ll learn how often credit scores and credit reports update.
If you’re looking to secure a loan, buy a new home, or a new vehicle, you might check your credit score more often to see whether or not you qualify for their terms.
However, just because you’re always checking it doesn’t mean you’ll always get a new update.
Credit scores typically refresh at different times throughout the month.
There can be instances where updates can only take a few days, and some can take weeks.
Below, not only will you learn how often credit scores and reports update, but with my 25 years of experience as a financial coach and banking expert, I’ll also show you where to check them for free.
So stay with me until the end, and I’ll also introduce you to a process for more quickly updating your credit scores.
How Often Does Your Credit Score Update?
A credit score is a three-digit number that generally ranges between 300 and 850. It is designed to represent your creditworthiness or the likelihood you’ll be paying bills on time.
Whether you have a low or high credit score right now, these are still not fixed numbers.
Credit scores change over time based on how well you manage your financials and other information reported to different consumer reporting companies (CRAs).
Then, the whens and hows of how often your credit scores update vary depending on the information gathered in your credit reports.
On the other hand, when and how your credit reports are updated depends on how often the three major credit bureaus, Equifax, Experian, and TransUnion, receive the data from lenders.
Lenders typically update your report every 30-45 days. Making it possible to get an updated credit score every month.
However, each lender is unique and has its own reporting schedule and procedures.
What day of the month does your credit score update?
There’s no specific date every month when your credit scores are set to be updated.
The time of update will depend on the following:
- When your lenders send the data and info to the credit bureaus.
- When the credit bureaus update your credit report.
- When credit scoring companies evaluate those reports.
When are credit reports updated?
Remember that credit reports are different from credit scores.
Again, your credit score is a three-digit number that signifies your creditworthiness, while your credit report is a detailed statement of your credit history.
Credit reports will be updated as soon as lenders provide new information to credit reporting agencies for your accounts.
Usually, it occurs every 45 days or once a month. However, some lenders can update more frequently.
Let’s say you recently paid down a credit card. Don’t expect to see an update on your credit report.
Where to find your credit reports for free
Get a free credit report from each of the credit reporting agencies weekly at AnnualCreditReport.com.
Moreover, you can also see your credit reports for free at Equifax, Experian, CreditWise, and TransUnion.
How long does it take for a credit score to update after paying off debt?
If you’ve repaid a debt hoping to increase your credit score, it won’t happen quickly.
As we discussed above, you’ll be able to see an update once the lender provides the credit reporting agencies with an updated balance.
But if you own multiple accounts, expect that information will be added or changed more frequently. Remember that you must pay all your balances on time on every account.
Even on one account, missing payments can cause your credit score to drop.
How to Check Your Credit Scores
As I said earlier, simply tracking or monitoring your credit reports and credit scores is one of the best methods for improving your credit.
The two major credit scoring companies, FICO and VantageScore, calculate your information from your credit reports from Experian, TransUnion, or Equifax.
Here are options for viewing your FICO score or VantageScore:
- Check With Major Credit Bureaus – major credit bureaus (Experian, Equifax, and TransUnion) offer a free copy of your credit report. They also provide a free or paid credit score determined by your current report.
- Check With a Credit Card Issuer or Lender – Many credit card issuers and lenders offer to give a free credit score.
- Consult with a nonprofit credit counselor – Credit counselors can help with budgeting and other financial questions or problems and can also check your credit score.
- Find Free Credit Score Websites – Nowadays, many websites offer free credit scores.
What is Rapid Rescoring?
Some instances might want you to speed up the process of getting an update on your credit scores.
Lenders may introduce you to “rapid rescoring,” a process by which new repayment details can be added to your credit report.
This process is usually connected to mortgages. Paying bills on a credit card and making the changes reflected on credit reports can help improve a borrower’s chance or qualification for better loan terms.
The rapid rescoring process needs to be requested through lenders. If not, expect an update on your credit score to be the same as usual.
It’s like hitting the refresh button on a website; rapid rescoring is the process of getting your credit report faster than normal to potentially improve your credit score.
Rapid rescoring won’t magically fix negative or incorrect information on your credit report. So, make it a habit of monitoring it, as removing errors can help boost your credit scores.
If you’ve recently corrected an error on your credit report, a rapid rescore may adjust your credit score as quickly as within 48 to 72 hours.
Is rapid rescoring right for you?
Rapid rescoring might be a great option for people who plan to take out a loan but are too impatient to wait for an error to be fixed to show up on their credit report.
On the other hand, people who have recently missed payments on any line of credit could decrease their credit score, making rapid rescoring not the best option for them.
Remember that boosting your credit score will take time. That’s why it’s best advised to practice good credit habits, as it can be beneficial in the long run.
If you want to learn how long it takes to build credit from scratch or how long it takes to get a 700 credit score from 500, check out these recently written articles.
How Often Do Credit Scores Update: Final Thoughts
How often credit scores update varies and can quickly change when your credit reports update with new information around the month.
If your current goal is to improve your poor credit score, remember that it will not happen overnight and will take time.
Don’t expect to get fast improvements. Be patient about getting the results that you want.
Expect to have an update on your credit scores when the major credit bureaus have received new data from creditors or lenders.
Lenders usually update your information with bureaus at least once every 30 to 45 days.
Even though updates usually happen at least once a month, the frequency will still depend on your lenders’ policies and financial situation.
Furthermore, the extent to which your credit score changes will depend on many factors, including your financial behavior and the type of scoring model used.
Monitoring your credit can help give you a much better understanding of what impacts your scores.
This way, you’ll have a better idea of where you can improve to help boost your scores and unlock your financial goals.