Disclaimer: This article is not legal advice. Any legal information is not the same as legal advice, where an attorney applies the law to your specific circumstances, so you should consult an attorney if you’d like advice on your interpretation of this information or its accuracy. You may not rely on this article as legal advice, nor as an endorsement of any particular legal understanding.
TransUnion is one of the three major, national credit reporting agencies. This agency creates one of the credit reports that lenders, renters, and home buyers rely on to provide a report of good credit and help them obtain a loan or property. Most people who have good credit spend little time thinking about their credit report unless one day something bad happens.
A negative mark on one’s credit can have significant financial impacts, which is why many people ask “how long does it take for my TransUnion credit report to update?” This question actually requires a rather detailed answer, as this is typically asking both how often the agency updates, and how long a negative remark will stay on a report before it is removed.
Who is TransUnion?
TransUnion is the parent holding company created by the Union Tank Car Company, a railcar leasing operation, in 1968. In 1969, the company made the jump to credit reporting with the purchase of the Credit Bureau of Cook County (CBCC). As the company grew it headlined record-keeping progress in the move away from paper-and-file storage using emerging technologies.
The company expanded a significant jump to consumer credit with the 2002 acquisition of Truecredit.com. Continued acquisition of credit companies as well as a commitment to technology growth has helped position TransUnion as one of the primary credit reporting agencies in the United States.
How often does TransUnion update consumer credit reports?
TransUnion will typically update their consumer credit reports when they receive new information from a credit reporting agency. Most agencies will send new data every month or at least every 45 days. So, from the TransUnion standpoint, credit reports are typically updating as soon as information arrives.
The confusing part is that different information is sent on different days and frequencies by the reporting agencies. Due to this inconsistent send, it may be possible to see multiple credit report updates within a single week, or no updates for some weeks at a time depending on the depth and complexity of one's credit.
Credit scores are typically updated in sequence as a credit report updates.
How long will a negative mark stay on a TransUnion credit report?
Negative marks on a credit report will update at the same speed as regular or positive credit marks. How long these marks stay on the report depends on the type of negative claim. In general, expect to see a negative remark for 7 years before it will update and disappear.
Negative remarks, also called derogatory remarks can include late payments, account charge-offs, repossessions, collections, student loan delinquency or default, bankruptcy, or foreclosure. In the case of Chapter 7 bankruptcy, this remark will stay on a credit report for 10 years.
How long will it take before a positive credit change is updated on a TransUnion credit report?
When making positive credit changes, it can be exciting to keep checking a credit report and watching how updates happen. If waiting on positive credit changes to purchase a house or other life-changing event, this wait can feel interminable. While positive credit changes will report at the same rate as other credit changes, there is a way to speed this process up.
Rapid rescoring can update a credit report within a few days instead of in the standard monthly or 45 day cycle. This rapid rescore can be especially helpful to meet a timeline for purchase. The only catch is, a rapid rescore can only be requested by a lender and not an individual. This rapid update also will typically have a fee associated with the process.
How long will a mistake stay on a TransUnion credit report?
Sometimes a person will find a mistake on a credit report. Oftentimes this mistake is as simple as a closed account that is still reflecting as open, but mistakes can also be more serious. It’s difficult enough to build credit that a mistake can be highly stressful for those trying to build or rebuild credit, so removing this mark to get an updated credit report is highly important.
TransUnion typically updates any mistakes, referred to as a dispute, within 30 days. The credit reporting agency will not send updates on the process, but users can log in and follow the dispute status online.
How long will fraud stay on a TransUnion credit report?
Fraud that is listed on a credit report can be disrupted via the standard dispute process at TransUnion as well as the other primary credit reporting agencies. If this fraud is active, users can request a temporary credit freeze to stop new credit information from being reported by blocking new loans and debts. While an agency makes a good faith effort to update this information as quickly as it can be verified, sometimes additional measures must be taken. It is not generally recommended to apply for new loans or process applications while active fraud is occurring.
Once the imminent threat of fraud is resolved, a credit fraud alert may be added to an account for up to 7 years. This alert helps to flag any new and unauthorized activity on the account to help prevent future fraud claims. A fraud alert requires filing some additional paperwork including a police report.
How long it takes a TransUnion credit report to update really depends on the source of the information or the verification data provided. TransUnion will typically update given data within a day or two, but many reporting agencies do not provide updates more frequently than monthly. Faster updates may be possible when requested by a lender such as a rapid rescoring for a fee. Active fraud may also trigger a faster update, but it typically takes 30 days for a correction to a credit report to be processed. Monitoring credit is the fastest way to ensure accurate reports.