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Advice - Credit Acceptance not updating my recent auto payment..

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Advice - Credit Acceptance not updating my recent auto payment..

So I have an auto load with Credit Acceptance. Ususally they update to the credit reports every month on the 15th. But not this month! I was behind and sent them the past due amount on March 20th and still not update from them. They usually always report on the first of the month. I called and they said they will put my request into the legal department...ugh! I want to trade this crappy car in but I cannot do that until my credit report shows that I am not past due (crying inside)

Message 1 of 4
3 REPLIES
Moderator

Re: Advice - Credit Acceptance not updating my recent auto payment..

It can take up to 2 weeks for updates to show after the creditor makes an update. The creditor is required by law to report the payment and updated balance within 30 days of the payment.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 2 of 4
Moderator

Re: Advice - Credit Acceptance not updating my recent auto payment..

It can take up to 2 weeks for updates to show after the creditor makes an update. The creditor is required by law to report the payment and updated balance within 30 days of the payment. Welcome to the board Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 3 of 4
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Community Leader
Epic Contributor

Re: Advice - Credit Acceptance not updating my recent auto payment..

FCRA 623(a)(2) requires a furnisher to "promptly" update prior reporting as becomes necessary to reflect its currrent accuracy.

The FCRA does not establish a set period in days or weeks for required update of information. 

 

A reasonble interpretation of prompt is in their next regular reporting cycle (with most credit card companies reporting on a monthly cycle).

Admin time can cause lack of update in a given cycle of approx a week or so prior to the regular reporting date, so at least 5 weeks would be reasonable before any issue of lack of prompt update would arise for creditors who do monthly updates.

 

I would not file a dispute asserting lack of update until at least 45 days after payment is made.

 

 

Message 4 of 4