Your credit report represents a snapshot of your credit history at any given point in time.” That means that the information is available in the credit reporting agencies’ (CRAs) databases at the time a credit report is requested is the information that will be reported.Removing A Satisfied Judgment Addressing A Vacated Judgment Community Q&A Credit reports that are maintained by the 3 largest credit bureaus are used to determine a person’s creditworthiness and ability to pay debts.Once your credit report is updated with positive information, there’s no guarantee your credit score will go up right away or that it will increase enough to make a difference with an application.Your credit score could remain the same – or could even go down – depending on the significance of the change and the other information on your credit report.Your credit report holds information relating to your credit history and it helps credit providers, such as banks, financial lenders, telco and utility companies, get a clear picture of your credit worthiness when you make an application for a loan or credit contract.When getting a mortgage, "rapid rescore" is a phrase worth knowing. Bottom line: It’s a practice used by mortgage originators to help lift credit scores.

“How long will it take my credit report to be updated after I pay off a credit card/settle a collection account/get the IRS to remove a tax lien etc?

Credit scores ebb and flow as information is updated to the credit report.

While the rapid rescore has "been around forever," the concept of quickly updating a credit history -- and getting a new credit score based on that newly updated file -- has gained traction in the last few years, says Linda Davidson, a loan officer with Service First Mortgage."It's much more important today than it's ever been because credit scores have become king," she says. The market for the rapid rescore is almost exclusively mortgage loans, says Maxine Sweet, retired vice president of public education for credit bureau Experian.

“Right now it’s my time,” said Rod Griffin, director of public relations for Experian, when I interviewed him for this story.

“Let’s say a lender requested your credit report right now.