How Often Does Your Credit Score Refresh?

How often does your credit score refresh? This is a question many people often wonder, especially when they’re actively trying to boost their credit score. The answer is that it depends on how often your bank and credit providers report to the bureaus, and if at all. Usually, credit providers report to the bureaus every 30-45 days, or each billing cycle. So, whenever you’re due to make payments, lenders will let Experion, XDS, and Transunion know whether you’ve flaked.

Read on to learn what you can expect to be updated and how you can do a hard reset on your credit score yourself.

How Often Scores Refresh

Your score will update at least once a month, but it may also depend on your financial situation.

What Influences Refreshes?

We’re assuming the word refresh means change. Change in credit scores depends on your credit behaviour. After all, this is how credit scores are calculated. Credit behaviour encompasses the number and types of credit accounts, your payment history (defaults and late payments), total credit available to you, and other information, including hard enquiry history.

Remember that credit reporting is voluntary. Lenders are not obligated to report to the bureaus– Experion, Transunion, XDS, and Compuscan. If your credit reporter does choose to report, they’ll do it monthly. For instance, credit card companies will usually report at the end of each billing cycle. Exact dates will vary by provider.

In short, the frequency depends on whether your respective lenders report to the bureaus and how often. Changes in your depend on financial behaviour, like whether you pay on time, don’t default, and how many hard enquiries you have in a period.

How to Hard Reset Your Score

If your credit score is abysmal, know that there is a way you can do a hard reset in as little as three weeks. It’s called credit clearance, and it entails reporting to the bureaus yourself about changes in credit balances. Changes can include whether you’ve paid up judgments, earned your debt review clearance certificate, or paid up and cleared your defaults. You can have a look at your credit score within minutes using CreditBoost’s free credit checker.

How often your credit score refreshes.

Cape Town Legal Consultants will help you gather the evidence you need to support your dispute, like paid-up certificates and clearance certificates. We’ll then write a letter to the bureaus in your capacity and submit the evidence. If they do not rule in your favour, we will escalate the situation and fight until your credit is clean. Then, come the next refresh cycle, your score will have risen. If you need help with credit clearance, get in touch with Cape Town Legal Consultants. We’re happy to help.