I'm usually a lurker, not a poster, but I haven't been able to find this in any of the threads. How often is my credit report and score updated by each of the agencies? I ask because I just paid off one credit card all at once which, according to myfico.com, could increase my score as much as 40 points. I'm applying for jobs, so I'd really like this to be updated on my report as soon as posibble, but based on my experience with the credit agencies, they may sit on it a while. Should I just wait patiently for my report to be updated, or should I dispute the information to get it updated faster?
It depends on how often your creditors report the information. For example, the company I financed my car with hasn't reported to any of the bureaus since 12/03, so I'm still showing an $11K balance even though my loan is about $9900. You may want to call your credit card company and ask how often they send updates to the CRAs. Good luck! Lisa
I have found that Cap 1 reports to all three CRAs in the first week of a new month without failure. MBNA appears to be a day or two behind Cap 1. Best regards, Mirage
All of my credit cards (from 4 different companies) show up on Experian within 2 days of the date that the statement closes. The other CRAs updated a bit slower (but within a week).
Just to be clear, all three CRs do not have a "report" that gets updated. The "report" is the result of a query against their database at the time the query is generated. IOW, changes could occur several times in one day and they would all be available if you were to pull your report at those times. As for reporting patterns from furnishers of data, generally credit card companies post shortly after their statement is generated. I have found Cap1 to generate their statement on the 1st of the month and my CR gets updated within a week. OTH, DMB will take their sweetass time getting my data out there, so it is often 2 or 3 months out of synch. When I paid a zero balance last November, it didn't show up on my CR until January. Very frustrating.
Yikes! Insurance credit scoring is bad enough, but what kind of job is it that depends on FICO scores? I think that most employment credit checks are looking for major derogs, but please correct me if I'm wrong. I imagine a scenario like this: FICO 620 = $30k starting salary FICO 650 = $40k starting salary FICO 680 = $50k starting salary FICO 700 = $60k starting salary You get the idea. Scary stuff, huh?
Theoretically, your report is updated every second. IF a data furnisher updates the information that they are reporting. You may be able to ask that they send a manual update to the CRAs. They don't have to do it, but some will if you ask them to.
