Updating Credit Records

Zebra

How long does it take the the Credit Reference Agencies to update a credit record after a credit application or card cancellation or the paying off of a balance?

YorkshireBoy

Zebra wrote:

How long does it take the the Credit Reference Agencies to update a credit record after a credit application or card cancellation or the paying off of a balance?

Regards 'application' and 'paying off', for me recently it was under a week. Not cancelled a card yet so can't help there.

Zebra

Thanks Yorkshire Boy, I hadn't realised it was so quick.
How long does it take for credit searches to appear on file, and have you ever applied for more than one card simultaneously to overcome this?

mhendo

For application (ie the credit search(es) performed), it should be instant - as the search is performed against your records, the entry is recorded at the time.

For payment history, it will be on the monthly (generally) cycle that the company uses. Most are updated once a month.

For termination of accounts, mine have all been updated as such on the next monthly update of my account details on my credit file (they update the status to "Settled"). With a credit card, they sometimes update it "U" (Unclassified) for a couple of months before the "Settled" - I guess this is them waiting in case any last minute transactions come through on the card.