When and how often do credit reports update?
Credit reports are essential for monitoring your credit score and keeping track of your financial well-being. You can receive a free credit report from the three main credit bureaus — Experian™, Equifax® and TransUnion® — once each year. However, these reports are generally updated every month. When you enroll in Chase Credit Journey®, you can see updates to your credit score as frequently as once a week if you'd like. You can also receive your credit report provided by Experian.
A creditor or lender might update and report information on different days to different bureaus. As a result, not every credit report that is updated will reflect in the same way. You may receive three different reports or scores at any given moment.
In this article, we will discuss:
- When accounts are updated by creditors
- How long your information stays on a credit report
- What information is being updated
When are accounts updated by creditors?
Your financial accounts are generally reported to the credit bureaus and updated on your report on a monthly basis. This is to help capture the most recent payment history. The specific day or week depends on the creditor.
If you're curious about your credit report and want to see your free credit score, you can access both through Credit Journey®. You’ll have access to your VantageScore® 3.0 credit score, which refreshes on a regular basis. Checking this score and credit report whenever you want will not hurt your credit when you use Credit Journey.
How long does my information stay on a credit report?
Your credit report is a summary of your financial situation. The duration for how long information stays on your credit report depends on the kind of information listed, positive or negative.
Positive information, like active accounts with on-time payments, such as your mortgage, auto loan and credit card accounts, stays on your credit report indefinitely. Negative information, like derogatory remarks, can remain on your credit report for up to seven years or more — after that duration, it will fall off.
What information is being updated?
The information on your credit report that gets regularly updated includes:
- Payment status — such as if your payment is late, or on time
- Current account balances
- Credit limits and credit utilization
- Derogatory remarks — for example, bankruptcy or late payments
- Account openings/closings
In summary
Monitoring your credit report is an important part of building healthy financial habits. Keep in mind that your credit reports may look slightly different depending on which bureau generates it and when it gets updated. Checking your report can help you gauge where you are, and pivot as needed. It also helps you stay aware of potentially fraudulent activity, errors and other misinformation that could potentially hurt your credit score. When you use Credit Journey, you can feel confident that your information is accurate and regularly updated.
