Why when one receives a credit card in 2001 and last time made a payment in 2003... then suddenly his credit report shows the same creditor but with an open acct for 2006 or 2007...when it was actually opened on 2001? it makes it appear as if the person opened the same acct or another one, when it actually did not happen? Can you give me some Free Credit Report Help?
The answer to this question depends on the lender who is reporting the information to the credit bureaus -- I can tell you that MANY credit reports have inaccurate information. I can also tell you that you always have the ability to request the information to be updated or even removed if it is inaccurate.
I can tell you, the typical credit reporting cycle is 90 days, or quarterly. There's quite a bit of information on credit reporting and credit reports at Bills.com.
Many of the larger banks and finance companies report updated information to the credit bureaus every month. However, some smaller financiers only report on a quarterly basis - sometimes their files (keep in mind that they have millions and millions of trade lines to track) get crossed or mixed up.
You can request directly to the lender for the account to be updated, and then also request the updated information to be made accurate by the three bureaus. Depending on the lender, it could take as long as several months for updated account information to appear on your credit reports. If a particular account that you have resolved is causing your problems with your credit score, you can dispute the listing with the credit bureaus, which can speed up the reporting process. The credit report dispute process is important to understand because credit reports are notoriously inaccurate, and creditors are often very slow to report current and accurate account information. Each of the three credit bureaus (Experian, Equifax, and TransUnion) allow consumers to dispute credit report listing online; you can access each of the credit bureaus online through the Web site AnnualCreditReport.com where you can also request a free copy of your report from each company. The Federal Trade Commission also offers a guide to disputing items on your credit reports, available at Free Credit Report Guide from the FTC.
I hope this information helps you solve any problems you are having with the credit bureaus, and helps you Find. Learn. Save. If you want more information, please check out: Credit Solutions.