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How often are your credit score and report updated?

A quick guide to how your credit score gets updated and how often.

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Your credit report and score are put together with data taken from current and previous lenders. Since lenders send this information to Experian every month, the data on the report page of your ClearScore is updated once a month.

Your credit report is a record of your credit history. It shows how you've handled credit in the past allowing lenders to assess your level of risk when you apply for credit. This information helps lenders decide whether or not to lend to you and, sometimes, what rates to offer. It contains information such as the type of credit you’ve used, and if you meet your monthly repayments on time every month. It also contains some public record information – like if you have a bankruptcy in your name.

But your credit report doesn't stay the same from the moment you first get one. It's a constantly changing record that reflects if and how you use credit throughout your life.

Here’s a quick guide to how it gets updated and how often.

When you take out a line of credit, such as a credit card or a personal loan, it gets recorded by the lender for their records. They’ll make a note of the kind of credit you have and how much money they’ve lent to you. This could be the size of your loan, or the limit on your credit card.

You don’t even have to take out credit for a lender to make a note of you. They’ll also make a note of anyone who applies for credit – whether you're accepted or rejected. They'll then report this to the credit reporting bodies (also known as credit reporting bodies).

Once you take out credit, your lenders will also continue to keep note of how you use it - whether you pay your bills on time.

Different lenders report to the credit bodies at different times. Each lender has its own reporting procedure. For example, some lenders report at the start of the month, while others report closer to the end.

This data will generally be held on your report for 5 years, and will then fall off. (The length of time will vary depending on the type of information, and where it originally came from). An enquiry, for instance, stays on your credit report for 5 years - whether you’re accepted or rejected.

ClearScore gets your new report from Experian once every month. This usually happens on or around the monthly anniversary of your sign-up date. So, if you signed up on the 8th but your lender reports on the 20th, you’ll have to wait for your next report for new accounts to appear and information on closed accounts to be updated.

This means that it can take between 4-6 weeks for new information to appear on your report. So if you’ve recently taken out a credit card, for example, it won’t show immediately on your report.

If you believe data might be more than 4-6 weeks out of date, you’ll need to raise a dispute.

Key Highlights

  1. Your credit report and score are put together with data taken from current and previous lenders.
  2. Different lenders report to the credit reporting bodies at different times - each lender has its own reporting procedure.
  3. ClearScore gets your new report from Experian once every month.
  4. If you believe data might be more than 4-6 weeks out of date, you’ll need to raise a dispute.

Lucy has a wealth of personal finance knowledge, and is one of our in-house experts.