Credit Score Basics > When is credit information updated to credit reference agencies?

When is credit information updated to credit reference agencies?

Wollit Team1 minute read · Updated 17th September 2024

When and how your credit information is updated to the credit reference agencies (CRAs) depends on many factors. Here is how it works and how your credit information is collected and updated.

What are credit reference agencies?

Credit reference agencies are companies that collect and keep track of information about your credit history. In the UK, the three main CRAs are Experian, Equifax, and TransUnion. They gather data from banks, credit card companies, utility providers, and public records to create credit reports. Lenders use these reports to decide whether to lend money to you.

How do credit reference agencies work?

CRAs collect information about how you manage your money. This includes details about your payment history, how much debt you have, and any public records like bankruptcies or County Court Judgments (CCJs).

When a lender checks your credit report, they get a summary of your credit history, which helps them decide if you are a good candidate for a loan.

What information do CRAs have about me?

CRAs keep track of your name, address, date of birth, electoral roll registration, credit accounts, payment history, and any public records related to your finances.

How often is my credit information updated?

Lenders and service providers send information to CRAs regularly. This can include details about new accounts, payment history, and any defaults. Most lenders report this information monthly.

Because of this, your credit information is usually updated every 4 to 6 weeks. This means that changes in your financial situation, like new loans or missed payments, will show up in your credit report within this time.