How Often Does Your Credit Score Update?

You may already know that your credit score is basically a grade that creditors use to estimate how likely you are to pay back your debts. You might also know that higher credit scores open the door to lower interest rates on loans and better credit cards. But most people aren't familiar with the finer points of credit scores, like how often your credit score updates.

The answer is more complicated than you might expect.Your credit score can change every time a lender or collection agency reports information about one of your credit accounts. That information might be about a payment, your balance, the age of your accounts (which changes with every passing day), your recent applications for new credit, and the kinds of credit accounts that you open. 

That doesn't mean you need to check your credit score every day or even every week. 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, like liens, judgments, bankruptcies, foreclosures, and evictions

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How often does your credit score update?

Your credit score changes 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.

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 generally 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 Citi 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 your responsible use of bank accounts) or Experian Boost (which factors in your rent and utility payments). 

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 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 want to sign up for free credit score monitoring from providers such as: 

• Credit Sesame

• Credit Karma

• CreditWise from Capital One

• Equifax

• Experian

• 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 if you enter your payment details, be sure you intended 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.

Paid credit monitoring

You can pay to see scores from all three bureaus for a fee through: 

• 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: This provides one-time access for a lower cost 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 each week. You can get them all at once or stagger them. 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. Getting your finances stable is one of the first important steps toward a better financial future. A good credit score tends to flow naturally once you’re able to pay your bills on time every month and keep debt low.