How often does information update on my credit report?

The length of an update depends on the nature of the information. It’s why regularly checking your credit report is so important for making sure you’re ready for whatever life throws at you.

Giving yourself enough time to get your credit report in the best shape can make all the difference between a quick and painless application and a lengthy, drawn-out process. Keeping tabs on your credit report puts you in the driving seat. You’ll quickly get to know how long it takes for changes to show, giving you the confidence to make a credit application knowing what a lender will see.

Credit history

There’s no magic date where all your lenders send new information to the credit reference agencies. In fact, each lender will only update the agencies once a month. And the date that they send the update will vary from lender to lender. It can take up to two months before your account status is reflected on your credit report; this includes changes to your balance, credit limit, and whether your most recent repayment was made on time.

Experian, Equifax, and TransUnion don’t actively solicit information from lenders. Even if they haven’t received any information for a while, they still won’t chase up the lender; they are entirely reliant on lenders providing credit history voluntarily. So, it’s possible your report won’t show any of your recent repayments.

Electoral Roll

Updates to Electoral Roll information varies depending on your local council and the time of year.

January to July is known as the ‘rolling registration period’. If you register to vote or update your details mid-month, it can take at least a month for your report to update. But it can take up to three months at the extreme.

August to December is known as the ‘annual canvass’. Updates to Electoral Roll information during this time doesn’t normally show on your credit report until January or February of the following year. That’s because most local councils publish their canvass information on 1 December and the agencies will receive it within a month from that date.

Court information

Any court-related activities usually show on your credit report within a month. This depends on when the information is sent by the Registry Trust or the Insolvency Service.

The Registry Trust looks after the judgments, orders, and fines. The Insolvency Service handles bankruptcies, Individual Voluntary Arrangements, and Debt Relief Orders.

Searches

Searches typically appear soon after they’ve happened. Two types of searches can be seen: hard and soft. But only hard checks can impact your credit health.

How quickly does information from lenders impact your credit score?

Lenders will use the information the credit reference agencies hold to assess your suitability. They can get a general idea of how you use and manage credit. Basically, if the information is on your credit report, the likelihood is it’ll be contributing to your credit score and any applications you make.

Any changes to your credit score are unlikely to be instant. The clue is in the name, really: your ‘credit history’ is built up over years. Start making the habits now to take the steps towards your goals whenever you’re ready. If you want to make sure your credit health is in good shape before making an application, here are a few things to consider:

• Check your report for any inaccurate, outdated, or even missing information. Although new activity takes at least four weeks to appear on your credit report, it’s important to make sure that what’s already there is correct. Is an account marked as closed even though it should be open? Or vice versa? Does an account not show any payment history despite your activity? Is there a credit card that you don’t recognise? Is there a joint mortgage on your report that you’re no longer responsible for?

• Make sure your address and Electoral Roll information is correct. If it’s missing, your lenders could be missing your financial history. As Electoral Roll updates take the longest, it’s a good idea to keep an eye on it – especially before making a credit application.

You can stay in control by keeping track of your credit report. That way, you’ll know the best time to make an application if you need to.