You actually have a separate credit report at each of the three major credit reporting agencies. Because these agencies operate independently of one another, each of your credit reports is updated with different information at different times. In general, each credit report is probably updated about once every 30 to 90 days, but what information is added depends on what has been reported by creditors since the last update.

When New Credit Information Appears

Many creditors forward information about your accounts to the credit bureaus on a monthly basis. A late payment is sometimes a special case. Many creditors only report late payments if they are at least 30 days past due. Others will only report this information after 60 or even 90 days. Other events, such as a new credit request or the cancellation of a credit card, are reported as the information becomes available.

A credit report is usually not immediately updated with this new information, however. A credit bureau may add new information to your report monthly or quarterly. Some credit unions, gasoline card companies, student loan lenders, and a few other types of creditors are not required to report to the credit bureaus. Information about accounts like these may not appear on your credit reports at all.

When Negative Credit Information is Removed

Information that negatively impacts your credit score is only removed after a certain period of time. For example, an inquiry that appears on your report when you apply for new credit will typically remain there for two years. It is only factored into your credit score for one year, however, and some creditors will only pay attention to inquiries made within the last six months. Inquiries that are not associated with applications for credit may show up on your credit report, but they are only visible to you and do not affect your credit score.

Items such as delinquent payments and collection accounts will have bigger impacts on your credit score. This type of information remains on your credit reports for seven years. A bankruptcy can have an even worse effect and may appear for up to 10 years, although some agencies may remove it sooner. If you bring your accounts up to date and keep them current, then the negative effects of past delinquencies will weaken over time. Even if seven years have not yet passed and negative information remains on your reports, your credit score should gradually improve.