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Actual amount paid not reflecting

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Anonymous
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Actual amount paid not reflecting

All my credit accounts are not reflecting the actual amount paid on all 3 of my reports. I make big payments so it would be nice if it showed on my credit reports. I made a very cocky complaint on consumerfinance.gov and now I have dispute comments on every account on every report. Will this look bad on my credit report when I am trying to buy a house? Does the comment eventually get removed? I regret making such a cocky complaint because the credit bureaus are **bleep** for not showing my acutal amounts paid. They even had a hard time changing my legal name on the reports so I have to make a complaint and that went well, so I thought this would come out with the same results. Does anyone else have the same problem with the actual amount paid not showing up?

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Actual amount paid not reflecting

People will be able to help you best if you can tells us some more details.

 

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(1) Home Purchase timelime

 

Do you have an idea about when you hope to buy a home?  Is that in a few weeks, a few months, or a few years?

 

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(2) Payment patterns vs. balances reported to the credit bureaus.

 

Tell us more about what you actually do.  You mention that you make "big payments" that you feel don't materialze on your credit reports.  Some of these accounts are probably credit cards.  The way almost all credit cards work is that the credit card produces a statement, and you are probably making a big payment some number of days after that statement prints.  If so, then you are right: the much smaller balance the day after you make the payment will never appear on your credit report.  That's because the credit card company almost certainly reports to the credit bureau the amount that is on the statement.  By the time you make that big payment, the CCC already reported your balance to the bureau.

 

If you would like your reports to show very small balances, you need to pay them do before the statement prints.  (Though you should still leave one card showing a small positive balance.)

 

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You're right that complaints to the bureaus, to the CFPB, or to creditors all need to be handled carefully.  You need to have researched how things are supposed to work first, and be certain that there really is a legitimate problem.  Otherwise you can end end up with fallout you didn't expect.  There may be all kind of ways to solve your problems, depending on your timeline for a house.  There are folks who can assess what your situation is and how to help, as you tell people more info.

Message 2 of 4
Anonymous
Not applicable

Re: Actual amount paid not reflecting

If I'm not mistaken dispute remarks will have to be removed before obtaining a mortgage. Also I believe accts in dispute are not used for scoring purposes. Someone please confirm.

Amount paid per month is just there for informational purposes and has no bearing on your credit score. As long as utilization is being reported properly your score should as well.

Also in regards to the above information it's not the credit bureaus responsibility to obtain the information. The information is updated and provided by the banks.

Personally I pay no attention to amounts paid, neither do lenders it would seem.
Message 3 of 4
RobertEG
Legendary Contributor

Re: Actual amount paid not reflecting

I assume that your issue is that the current balance is not being updated after you make a payment, thus showing an inaccurate current balance?

If the account is a revolving credit account, such as a credit card, that will result in an inaccurate % utilization calculation, which does affect your scoring.

Creditors are requried under FCRA 623(a)(2) to "promptly" update the current balance.

 

If you have filed a dispute, certain account information is temporarily excluded from scoring until the dispute is resolved.

Has the CRA updated to show that the dispute has been concluded, or does it show that it is still pending?

Message 4 of 4
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