The Kitchen Table

If you have been working to improve your credit, you might be asking the question, “How often does my credit report update?” You anxiously await the results of your next loan application only to have it printed out in black and white that those same old credit issues are still reporting.

Regrettably, there is no immediate fix when it comes to changes on your credit report. Credit reporting agencies do update frequently, daily in fact! But credit reporting agencies, such as Equifax and Transunion, are only as good as the financial institutions that send in your pay history. While the credit reporting agencies have the capability to update daily, they are generally only given updated credit files on borrowers every 30 to 45 days. So that loan you just opened 2 weeks ago might not be reporting yet. Or that delinquent account you paid off may still be showing as open on your credit report. Because of this, it may feel impossible to ever know when an exact piece of information may appear or disappear from your credit report.

Fear not! With a little careful planning and an understanding of how credit reporting works you will start to see changes. The trick is to plan ahead. Before you apply for a loan, for a major purchase, start pulling your credit reports from all 3 major credit reporting agencies over a 3 month period. I recommend visiting www.annualcreditreport.com; from there you can pull a free unscored copy of your report and look for errors and updates. Each month you’ll pull a new report from a different credit reporting agency, verify any changes that have been made while also making sure your information is reporting correctly. (Remember: Keep making your monthly payments on time all of the time. That has a huge impact on your credit score!)

If you plan ahead, you’ll know the perfect time to apply for a loan, and you’ll have a better shot at getting the response you’ve been waiting to hear…”YES! You are approved!”

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.