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How Often Is A Credit Report Updated?

Your credit report details your personal credit history over the years. It shows how you’ve handled credit accounts; from mortgages and credit cards to loans and even mobile phone contracts.

The information on your report takes into account everything from the changing nature of your debt to the age of the debt. 

And as such, it changes continuously – whether you’ve used credit or not.

How your credit report works

Finding out how your credit report works will give you a better understanding of what to expect from it.

When you apply for credit – such as a loan or a credit card – the lender records this. They’ll make a note of the kind of credit it is, how much money you’ve asked to borrow and what their decision is.

All this information – regardless of whether your application is successful or not – is then shared with one or all of the credit reference agencies who’ll then update your report.

If you’ve been accepted for credit, the lender will then update the agencies regularly with a note of how you’ve been using it – whether you’ve been making regular payments, how much credit you’ve got left and so on.

When do your creditors report to the credit reference agencies?

Your credit report is usually updated monthly. But when during the month depends on the lender. 

Different creditors will report their information to the agency at different times. While some will share their information at the start of the month, others will report closer to the end.

As lenders have different payment cycles, they report at different times and, if you have more than one credit account, your account information can be updated at different times throughout the month.

It also depends on the size of the lender company. A large company may have millions of accounts, therefore a vast amount of information. In these instances, that company may report batches of accounts to the credit reference agencies throughout the month rather than send it all in one go on a specific date. 

How long is it before the credit reference agencies update your score?

Here’s when it gets a little trickier.

There are three main credit reference agencies in the UK – TransUnion, Experian and Equifax. All three update their records at a different time. However, on average, it takes about 6-8 weeks for new information to appear on your file. 

For example, if a lender has supplied information shortly after the credit reference agencies update your report, it can take another month to show up. So if you’ve applied for credit recently, bear in mind it won’t show up immediately.

Basically, your credit report at the time you view it is a snapshot of your credit history right then. Look at it a day later and it could already be a little bit different.

When is information removed from your credit report?

This depends on the age and the nature of the information. Generally speaking, while the account is open and you are making regular repayments, it will stay on your report.

But when it comes to negative information, there are set time frames for how long it can stay on your report – regardless of whether it’s an open account or not. How long the mark stays on, depends on the information.

Here are some of the main ones:

Late payments 6 years
County Court Judgements (CCJs) 6 years
Defaulted debts 6 years
Hard searches 1 year
Bankruptcy Up to 15 years
Debt Relief Orders 6 years
Individual Voluntary Arrangements 6 years

What should I do if a credit account isn’t showing on my report?

If your credit account isn’t showing on your credit report, it may be for a few reasons. 

Enough time hasn’t passed yet

As we mentioned earlier, it can take a little bit of time for your credit report to be updated. So just bear in mind that if you’ve recently opened a new line of credit or account, it may not show on your credit report straight away. 

The creditor doesn’t report to the agency

While most major consumer lenders report to all three agencies, others may only report to one or two – or, in a handful of cases, none at all. It’s a good idea to check your report from all three agencies first to see if it shows up on any. 

It’s an error

Credit reporting errors are rare, but it does happen. If you’ve waited the right amount of time, checked all the agencies and are sure that your new account should be showing on your report, contact the lender to see what’s happened.

What you can do about it

If you’re opening a line of credit to improve your rating, you can always ask the lender up front whether they report your information to the credit agencies or even ask them which ones they report to – it’s not a secret!

In fact, you could ask them if they will report your information if you want it to build your credit score. Ultimately, though, it’ll always be up to the lender as to whether they actually do or not.

As you can see, there are many different factors as to what is updated on your credit report and when.

Remember, you can check your credit report online for free as many times as you want to and it won’t impact your score. 

And checking your report regularly is a good way to keep an eye on your financial situation, especially if you’re going to be applying for credit in the near future.

Representative Example of Credit

We expect more than 51% of our customers to achieve this rate.

Loan Amount Total Cost of Credit Representative APR 60 Monthly Payments Deposit Amount Loan Term Total Amount Payable
£7,500 £3831 19.1% APR £188.85 £0 60 Months £11,331

All offers are subject to change at any time, you must be 18 or over and finance is subject to status, vehicle availability and terms and conditions apply. We can introduce you to a limited number of finance companies, a commission may be received. Failure to maintain payments may result in termination of your agreement and the vehicle being returned, this could affect your credit rating and make it more difficult to obtain credit in the future. All prices correct at time of publication.

We purchase a wide variety of vehicles from all over the country to ensure the best quality and value for our customers, all of our cars go through a thorough inspection process and if they do not meet our standards we do not sell them. We endeavour to inform our customers (where possible) the provenance of the vehicle they are buying and as such we will always inform you if the vehicle has previously been either an ex fleet or hire car. Should your vehicle be an ex hire/fleet car please do not be concerned as we would never value this vehicle differently when you come to part exchange it and there is no difference to the CAP valuation either.

You should try and estimate the distance you will travel as accurately as possible to try and avoid excess mileage charges at the end of your contract.

All pictures and/or photos and car descriptions on this site are for illustration and reference purposes only and are not necessarily the vehicle on offer. All offers are subject to change at any time and are subject to finance approval and vehicle availability. All prices correct at time of publication. E & OE.

Hippo Vehicle Solutions t/a Hippo Motor Finance is authorised and regulated by the Financial Conduct Authority. FRN 658076. We are a Credit Broker not a Lender and can introduce you to a limited number of lenders. Subject to status and to UK residents only (excl. the Channel Islands). Individuals must be 18 or over. Guarantees and indemnities may be required. We typically receive a fixed commission calculated by reference to the vehicle model, product or amount you borrow, for introducing you to a lender but this does not affect the interest charged on the agreement, all of which are set by the lender. Images for illustrative purposes only. Hippo Vehicle Solutions t/a Hippo Motor Finance is an Appointed Representative of AutoProtect (MBI) Limited for insurance distribution purposes. AutoProtect (MBI) Limited is authorised and regulated by the Financial Conduct Authority. Its firm reference number is 312143. You can check this at www.fca.org.uk

We endeavour to ensure that all information including the specifications and finance availability are accurate. Whilst we make every effort to display correct information we are aware that errors may occur occasionally. We are not able, therefore, to guarantee the accuracy of all information especially when given to us by third parties. If you do require clarification of some information you have seen on our website, please email us at info@hippomotorgroup.com . This does not affect your statutory rights.

We are a broker not a lender and our registered office is Unit 26 Trident Park, Trident Way, Blackburn, BB13NU.