three credit report – credit bureaus

How often does lenders report to the credit bureau?

July 27th, 2009 admin

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Posted in Credit Tags: Credit Bureau, Lenders, Score

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2 Responses to “How often does lenders report to the credit bureau?”

1. kngrnr says:

   July 27, 2009 at 4:53 am

   Lois

   as a rule there are no rules as to when they submit to the credit bureaus. lenders report whenever they want to.

   but typically there are 5 times a lender will report.

   > the beginning of each month
   > 30 days after you are late.
   > 35 days after you are late.
   > when you open a new account.
   > when there are any changes to your account.
2. OC1999 says:

   July 27, 2009 at 1:51 pm

   Willie

   It actually depends on the lender. Most will report at least once a month, but it could take a couple of months for a new loan to get through their internal system for them to report it for the first time.

   Once it does report, your score will probably go down a bit. Because you had a inquiry for the loan, as well as it being a new account. However, any drop should be minimal. If you pay the loan as agreed and on-time, your score will bounce back pretty quickly. Within a few months you should notice an increase. But how much it does will depend on the rest of your history.