How Often Do Credit Bureaus Update Information On the Credit Reports

It is a common misconception that the credit bureaus update their information on a monthly basis.  This is presumed by many consumers since the creditors reporting to the credit bureaus such as your credit card company might report the data to the credit bureau once a month according to its billing cycle.  But when you stop to consider that there are numerous credit card companies that have different billing cycles on different dates you will understand that data is constantly being reported to credit bureaus by various different companies.  For a single consumer who has more than one credit card may have the data reported to the credit bureau several times a month from different creditors.  In fact the single credit card company that has a large consumer database staggered its reporting to the credit bureaus in instalments.  This means that allots different billing cycles to different consumers so that it does not have to report that data all at once at a particular given time of the month but keeps on doing it in part all through the month.  Certain credit card companies have also take into reporting the data in real time which means that the payments and the charges are reported to the credit bureaus as they happen.

Apart from the date of being reported to the credit bureaus are credit bureau also updates other information present on the credit report such as records for enquiries, records of delinquent accounts, reports from the public records such as bankruptcy filing, tax liens and federal court judgements.  All these entries have to be updated, added and removed according to the guidelines Prescribed by the Fair Credit Reporting Act.  The due date for updating this information can happen at any time of the month.  Hence in order to keep its records up-to-date credit bureau updates its information every single day.  A consumer may find his credit report changing once or even several times a day depending on as and when the information present on it is updated through the creditor or by other regulations such as the Fair Credit Reporting Act.