Credit Report Update?

[Anonymous]

Hello & Happy Monday

Just wondering... does anyone know when and how your credit report is updated? 

Does the information get updated based upon your latest credit card statement and calculated based off of those numbers?

Just wonderful how Credit Utilization is calculated? What numbers do they go based off of?

Thank you!!!!

[Anonymous]

Creditors (lenders, banks, etc) report your information to the Credit Reporting Agencies on different days.  Some report on your "Statement Date", while others may report on the 1st of the month or the last day of the month.

Those updates then take some time for the reporting agencies to update your specific account -- some may update a day later, others may update a few days to a week later.

Your credit profile is updating constantly, depending on how many accounts you have.

Utilization usually reports on statement date, but some update on the 1st of the month.

Using a credit monitoring site will let you see what accounts update on what dates.

[HeavenOhio]

Credit card utilization = amount of the balance divided by the credit limit, i.e. the percentage of the limit being used.

[RobertEG]

The CRAs dont receive credit card statements sent to consumers, and thus credit card statements do not result in any update of your credit report.

The FCRA requires a creditor to "promptly" report any change in information they have previously reported to a CRA if/when that information is no longer accurate.

FCRA 623(a)(2).  Thus, there is some delay between when the information actually changes and when the change reaches your credit file.

The FCRA does not set any set period.  The standard is only that update be "prompt."

Reasonable interpretation of "prompt" would be in their next regular reporting cycle after they become aware that the information is no longer accurate.

That could routinely be up to two months.