- A 60- to 90-day lag follows your activity and when it appears on a credit report.
- Credit reports contain many errors.
- Contact the three credit reporting agencies if you find errors on your credit reports.
BILL'S ANSWER
Creditors send updated information to the three main credit reporting agencies routinely, but that does not guarantee that your most recent payment will show on your current credit report. The credit bureaus update their records as soon as they receive the information from the creditor, but there can be a time lag in getting the information from the creditor. They are correct, some times there is a 60-day lag in reporting updates.
Under the Fair Credit Reporting Act, all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them (typically through a dispute letter sent via certified mail). The credit bureau must investigate your claim within 30 days (unless it is frivolous). If the charge is incorrect or cannot be verified in that time, the credit bureau must delete it or change it as you requested. If they make changes to your report, the credit bureau must send you a new copy. You can also request that a new copy be sent to anyone who has gotten your credit report in the past 12 months. The credit bureau cannot re-insert the item without giving you written notice.
If you require a "rapid rescore" you may have to work with your mortgage company to petition a smaller credit reporting agency. Alternatively, you can contact directly the big three agencies.
There are three major credit reporting agencies that offer credit reports:
| Equifax | Experian | TransUnion |
|---|---|---|
| 800-685-1111 | 888-397-3742 | 800-916-8800 |
| Equifax.com | Experian.com | TransUnion.com |
| File a credit dispute online at Equifax | File a credit dispute online at Experian | File a credit dispute online at TransUnion |
To get a hold of your credit report, contact one of these three bureaus. Each bureau interprets your credit information differently, so you might want to get a report from all three.
If you would like more information or would like to hire the services of a credit repair professional, please visit our credit resource page.
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