A secure, affordable way to build your credit history
Most credit card companies report to credit bureaus about once a month.
It often lines up with your statement date (your billing cycle close date), but the exact day can vary by lender.
Some lenders also report to only one bureau, so your Equifax and TransUnion reports can look different.
Make Everyday Spending Easier With KOHO Essential
With KOHO Essential:
It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.
Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.
Grow your savings with a 2% interest savings rate on your entire balance.
Earn 1% cash back on groceries, eating & drinking, and transportation.
You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.
Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).
What “Reporting” Usually Means
When your lender reports, they send an update like:
Your balance (often your statement balance)
Your credit limit
Whether you paid on time
Your account status
Why You Might Not See Changes Right Away
Even if your lender reports monthly, it can still take time to show up.
Canada’s financial consumer agency notes it can take 30 to 90 days for information to be updated in your credit report.
How to Find Your Likely Reporting Date
Try these quick checks:
Look at your statement date. Many lenders report around this time.
Check “Date Updated” on your credit report. TransUnion notes this can tell you the most recent day info was provided, and it helps you estimate the next update.
Ask your lender. TransUnion also says you can contact your lender if you want to be sure.
Why Equifax and TransUnion Can Show Different Info
This is normal.
In Canada, lenders may report to one or both bureaus. They can also report at different times during the month.