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How long does it take for credit score to update?

Well, in actuality, there's no specific time-limit, formula, secret, or fixed deadline for anyone asking how often the credit score is updated by the credit agencies in Canada. However, for beginners', it may take anywhere from one month to six months.

Like enthusiastic students checking for the exam scores, many people worldwide check for their credit score with curiosity. This is because, with a good credit score, they can go ahead and avail credit loans.

However, one should know that no matter how many times they check their credit score, it takes time to get updated. The time of updating the credit score in the two major credit agencies in Canada depends on the time that lending companies take to update the closed loans.

Many may get frustrated by often checking the credit score as it takes time for the loan companies and financial institutions to upload the loans. And on the contrary, any default in payment or dues gets updated fast to bring down the credit score. The average period for closed loans to improve the credit score is around 30 to 45 days.

It all depends on the lenders, credit card payments, balances, new and credit accounts updating with the corresponding credit bureau. Each lender and other loan organizations have a timeline to update their closed loans and other details with the credit bureau. In Canada, the two major credit bureaus include Transunion and Equifax. Both take approximately 30 to 45 days to update credit scores.

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