How Long Does it Take to Improve Your Credit Score
Posted: Oct 04, 2013
More people than ever are taking the information on their credit report seriously. They know that it can impact their ability to borrow money and how much borrowing that money will cost them. They may also realize that your credit report can impact your ability to get a job, to rent a home or how much you pay for car insurance. When you combine all of these things, it is easy to see why you need to make sure that the information on your credit report is accurate and that you are doing the best that you can to keep your credit score high.
The best way to know what is on your credit report is to monitor it on a regular basis. The question that has to be answered is how often you should do a credit check. The answer will depend on many different things. One of the first things that you will have to understand is how your credit report can change and how often it is updated.
What information is on your credit report?
There are many different things that are reported on your credit report. Your credit score, the places that you have lived at, any open credit accounts and any accounts that have gone into collection or other negative action are just some of the things that appear on your credit report. When you wonder how often credit reports are updated, you have to realize it depends on what information needs to be changed and who is reporting it to the credit bureaus and when they report it. Some information will be updated right away, while other information may take a month or two to change.
Your credit score can change on a daily basis as the credit bureaus receive information. Other information may show up during the month. That is what makes monitoring your credit a little more difficult.
Why do you need to know when it is updated?
It might not make any difference to some people when their credit reports are updated, but there are several reasons that everyone should be aware of this.
- Negative information that shows up will impact your score immediately. Removing that information if it is in error can take several months. The sooner you start, the easier it is to fix.
- If you are the victim of fraud, you need to know how long it will take for fraudulent accounts to appear. That will help you decide what actions you can take to protect yourself.
- The information on your credit report will stay on your report for different amounts of time. When you want to know how long does info stay on your credit report, you need to know what kind of information you are talking about. Payment history can stay on a report for 48 months while a bankruptcy can stay on for 7 years.
What should you do?
All of this information about when credit reports are updated can be confusing. The one thing that is clear is that there is no single answer to the question. Instead of worrying about when your reports are updated, come up with a plan that will allow you to monitor your reports on a consistent basis. The amount you want to check your credit report will depend on your situation. If you are the victim of fraud you will want to monitor it more often. If you have a good credit history and have not had problems in the past, you may not need to monitor it as often.
The first thing you should do is learn how to get your credit report. You are entitled to a free report once a year, but if you want to check it more often, you can sign up for a service that allows you to do this. It is a good way to protect your credit.
It is important to take your credit seriously. The more you understand about how credit works, how it affects you and what you can do to make it better, the easier your life will be.
Jana Lynn is an active blogger who is fond of writing articles on credit monitoring and advising people to monitor your ID to keep an eye on wrong data entered in your report. Follow her on Twitter to know more on how long it takes to improve your credit score.
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