Updating information on credit reports

Have you included photocopies of all necessary documents and identification to update your personal Credit Report?

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You have the right to request a revised copy of your credit file sent to creditors who have recently accessed your file.

In order to proceed with this request, please provide a contact name, fax number, and telephone number for each creditor.

If you use your debit card to pay for groceries, you may have noticed that by the time you get home, the charge may have already posted to your checking account.

Information concerning credit purchases and payments doesn’t appear on your credit report that quickly, but it does get there eventually.

Generally it takes about 30 days for a credit transaction — a purchase, a payment or a missed payment — to travel from a creditor’s books to one of the three major credit reporting agencies (CRAs): Experian, Equifax and Trans Union.

But lenders are not legally required to report anything to the CRAs — also known as credit bureaus — and the frequency of reporting varies widely.Some creditors report changes in a customer’s account balance daily, some once a month and some less often.Once one of the major CRAs receives information on an open credit account, it is responsible to update a person’s credit report as soon as possible.The three CRAs do not necessarily share information, however.And because of the variations in reporting frequency among creditors, some credit reports don’t get updated for months.If you have paid off a debt and don’t see that information reflected on your credit report, contact the creditor and make sure it has updated your status with the CRA.

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