How Often Does Your Credit Score Update?

Your credit score could change every time a lender or collection agency reports information about one of your credit accounts to one of the three credit bureaus—Equifax, Experian, and TransUnion. That information might be about your balance, the age of your accounts (which changes with every passing day), your recent applications for new credit, or the kinds of credit accounts you open.

Keeping tabs on your credit score is a must if you're trying to improve your finances. Your credit score is basically a grade that creditors use to estimate how likely you are to pay back your debts. Higher scores open doors to lower interest rates on loans and better credit cards. 

That doesn't mean you need to check your credit score every day or even every week, though. Most changes are small and incremental. Here's a closer look at how your credit scores relate to your credit reports and how often you ought to check them to keep tabs on how you're doing.

Freedom Debt Relief is not a Credit Repair Organization and does not provide or offer services or advice to repair, modify, or improve your credit.

Where Does Your Credit Score Come From?

Your credit score is a three-digit number, usually ranging from 300 to 850, that creditors use to determine how likely you are to keep up with your debt payments. There are several kinds of credit scores, but FICO and VantageScore are the most common.

Credit scores rely on the data in your credit reports. You have a credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion. These bureaus get information from:

• Financial institutions, like credit card issuers and lenders

• Debt collectors and other companies who might be trying to collect on a delinquent account

• Public records from bankruptcies (Other public records, like civil judgments and tax liens are not included in credit reports.)

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How Often Does Your Credit Score Update?

Your credit score could change every time new information is added to your credit report. Many creditors report your information to the credit bureaus once a month. For example, at the end of each month, your credit card issuer might notify the credit bureaus of your latest payment, your current account balance, and any changes to your credit limit. 

These factors could change your credit score, but they might not. If you already have a high score, your credit card usage is consistent from month to month, and you always pay off the whole balance, you may not notice your score change significantly from one month to the next. Your credit behavior is consistent and there may not be much room for your score to climb.

On the other hand, you might notice significant swings from one month to the next if big things happen. If you go out and charge up your credit card, your score could drop. If you pay off a big balance, your score could rise quickly. If you fall behind on your payments, your score could drop. It takes time for your score to recover from late payments. They stay on your credit report for seven years. 

If you're working to improve your credit by making consistent, on-time payments and limiting how much you charge to credit cards, you're more likely to enjoy slow but steady progress. Your score might gradually increase each month as you continue to demonstrate that you can keep up with your payments.

When do creditors update accounts?

Generally, creditors report account information to the credit bureaus each month, but there's no specific day when everything on your report updates. Each creditor chooses its own day to report information, and it might report on different days to each credit bureau.

For example, say you have a credit card that reports to Equifax on the first of the month, Experian on the 10th of the month, and TransUnion on the 20th of the month. You have a second card that sends to Experian on the fifth, Equifax on the 15th, and TransUnion on the 30th. 

Between those two credit cards alone, both reports update twice a month. If you have more credit cards or loans, you could get even more frequent updates. But again, most changes will be minor, especially if your credit behavior is pretty consistent from month to month.

It's also possible that some of your reports may update less frequently. Creditors aren't required to report information to all three credit bureaus. Some may only report to one or two, meaning those reports may change more often than the others.

What information gets updated on your credit score?

When a creditor reports information to a credit bureau, the following usually updates:

• Payment history. This gives information like whether your payments were on time. If they were late, it may indicate how late.

• Balances. Updates will give your new loan or credit card balances.

• Credit limits. If your credit limit increased or decreased, the update will reflect this.

• Address and employer changes. Your report will also indicate whether you have a new address or a new employer.

Credit scoring models use this information in your credit reports as the basis for your score. Every time you or a creditor requests your credit score, it's based on what the associated credit report looks like at the time of the request. 

Credit scores may not update in real time

There's often a time lag between your doing something that affects your credit score and the lender providing that information to the bureaus. It's common for a creditor to provide the same information to each bureau on different dates—sometimes weeks apart.

Payments or other activity usually turn up on a credit report within 30 days or so. Your Experian, Equifax, and TransUnion credit reports aren’t likely to all be updated the same day. The same account activity could show up days or weeks apart on your different credit reports. Generally, you don't have to be concerned as long as the payment shows up on your report within a month or so of making it. 

If the uncertainty bothers you, check the “Date Updated” line, which appears on each entry on your credit reports. Compare that to your payment date, and you might get a rough idea of how long it takes a particular creditor to report an action to each bureau. Just keep in mind that this timeline could change. 

Credit bureaus may have different information about you

Just as each creditor or furnisher gets to set its own reporting timetable, it also gets to decide which credit bureaus to report to. Major creditors like Chase and Citibank tend to report to all three big credit bureaus. But some creditors might report to just one bureau. For that reason, your credit report from one bureau may not match the others and you might have different credit scores. This is normal, and it highlights the importance of keeping tabs on all three of your credit reports. 

Alternative credit scores

Bills like rent, utilities, and cell phones haven’t contributed to credit scores in the past, but they can now. Modern credit scores (called alternative credit scores) can factor in those kinds of payments. That can be especially helpful for consumers who don’t have loans or credit cards but want a credit score. After all, managing your life without debt is a good thing. If you avoid borrowing money, you shouldn’t be penalized with a low credit score. The credit bureaus know this, so they have a process for evaluating the bills you pay.

If you’re applying for credit and you want an alternative credit score, the creditor may be able to help you through the process. Or you can sign up with a service like Ultra FICO (which factors in how you use your bank accounts) or Experian Boost (which factors in your rent and utility payments). 

Other Information That Updates Your Credit Reports

In addition to the details of your payments and account balances, your credit reports also contain information on the following:

• Hard inquiries. When you're applying for a loan or credit card, the lender does a hard inquiry on your report. Each inquiry could drop your score a few points. Too many inquiries in a short period of time could raise a red flag with lenders. 

• Rate shopping. If you’re shopping for a mortgage, car loan, or private student loan, you won’t get penalized for comparing offers. You can apply with multiple lenders without each one causing damage to your credit score. Those kinds of inquiries are ignored for the first 30 days. Then, all inquiries to the same category of lender within a rolling 14-day window are considered a single credit inquiry against your credit score. Some kinds of credit scores give you 45 days to rate shop.

• Soft inquiries. Soft credit inquiries occur when you check your own credit report or when a creditor you already work with checks your score to decide whether to offer you a particular product or service. These don't affect your credit score.

• Collection accounts. If you have an account that goes to collections, your report will show this.

• Bankruptcies. All bankruptcies, including Chapter 7 and Chapter 13, appear on your credit report.

Again, some of these items might not appear on your report on the day they happen. For example, if you file for bankruptcy, it could take up to a month or two for this to appear on your credit report. It all depends on how quickly the credit bureaus get wind of the situation.

How Long Does Information Stay on Your Credit Report?

Positive information, like on-time payments, remains on your account indefinitely while the loan or credit card associated with it is open. It also stays on your report for 10 years after the account closes.

Negative events, like late payments, typically show up on your report for seven years. The exception is Chapter 7 bankruptcy, which remains on your report for 10 years. However, the effect of these events fades over time. A one-year-old late payment will have a much bigger effect on your score than a six-year-old late payment.

If you settle a debt, this will also remain on your report for seven years. It will likely show as settled, which is better than being delinquent but not as good as paid in full.

Hard inquiries remain on your credit report for two years. Soft inquiries don't appear on your report at all.

How Often Can You Check Your Updated Credit Score?

Check your credit score once a month or every few months to stay on top of it. Free credit score sources typically don’t update more than once a month, so there's no point in checking more often. Paid credit score sources may update every time your data changes. Here are a few sources for checking your credit score.

Credit card issuers

Most credit card issuers offer access to at least one of your credit scores. That’s usually enough to keep an eye on how things are going. You may need to log into your online account or use the credit card issuer's mobile app to check your score. 

Make a note of what type of credit score—FICO, VantageScore, or another—you're looking at and which credit report it comes from. This way, you'll know what other reports or scores to check if you want a more complete picture of your creditworthiness.

Free credit score websites

If you’re applying for an important new loan—a mortgage, say, or a big auto or personal loan—you may want to pay closer attention to your score than usual. You might also want to sign up for free credit score monitoring from providers such as: 

• Credit Sesame

• Credit Karma

• CreditWise from Capital One

• MyFICO

If you reach a payment screen, close the window and start over. You don’t have to enter a credit card number for a free credit score. These sites offer paid credit monitoring and other services, so only enter your payment details if you intend to purchase something.

Checking your credit from two or three different reports is a good way to learn what credit score neighborhood you’re in.

All three credit bureaus—Equifax, Experian, and TransUnion—also provide free credit score monitoring: 

• Equifax Core Credit. Free monthly Equifax credit report and a free monthly VantageScore 3.0 credit score, based on user’s Equifax data.

• Experian Credit Monitoring. Free alerts on changes to your Experian credit report, access to your FICO score, and credit report analysis.

• TransUnion Credit Essentials. Daily credit report and VantageScore 3.0, credit monitoring with alerts, and tools to manage your credit. 

Paid credit monitoring

The three credit bureaus also offer credit score monitoring for a fee, which includes some identity theft protection: 

• Equifax Complete Premier. This service offers continuing credit monitoring (VantageScore only) and unlimited access to your scores.

• Experian 3-Bureau Credit Report and FICO Scores. Service includes credit reports and FICO scores from the three credit bureaus so you can compare data and scores. Available by subscription or a one-time access fee that’s  lower than the unlimited plan.

• TransUnion Credit Monitoring. This service offers unlimited access to your TransUnion score for a fee. 

How Often Should You Check Your Credit Report?

Your credit report will only change when new information is reported. So it’s typically not necessary to check it more than once or twice a year. Reasons to check it more often include:

• Your identity was compromised and you want to watch for fraudulent accounts.

• You’re paying off delinquent accounts and you want to make sure they stop getting reported as open collections.

• You’re paying off debt and you want to make sure the payments and balances are reflected correctly.

• You’re getting ready to apply for a mortgage and you want to keep tabs on your credit profile. 

If you’re curious, you could check your credit report as often as you like. But you might find it rather boring when little, if anything, changes.

Free weekly credit reports

You can get one free report from each of the big three credit bureaus every week. Obtain your reports only through AnnualCreditReport.com. That website is owned jointly by the three credit bureaus so that they can fulfill their legal obligation to provide you with your credit data. It's the only site authorized to give you the free credit reports that you are entitled to by law. 

If you’re trying to make a quick credit score change in order to qualify for a mortgage, you may be able to request a rapid rescore through your lender.

When You’re Struggling to Improve Your Credit Report, Get Help

If overwhelming debt is keeping you from building a strong credit profile, it might be time to talk to a debt relief expert. Strategies like debt settlement or credit card debt relief program may have a short-term negative effect on your credit score, but they could also be key to getting your debts off your plate. And if you already have several late payments or delinquent accounts on your report, your credit score may not have that much more to fall.

Once you've gotten your debt under control, you should have an easier time making on-time payments, which are essential for achieving a high credit score. Several ways you can slowly but surely build your credit score over time are:

• Consistently meet your payment due dates 

• Limit how much you charge to your credit cards 

• Be careful about how often you apply for new credit

Be patient and stay the course. Building good credit takes time, especially if you have a lot of late payments or delinquent accounts. It is doable. Celebrate milestones, like paying off a credit card or making a certain number of on-time payments in a row, and keep checking in on your credit score to check how it's coming along.