When reviewing my credit reports, I noticed that my Chase Credit Cards are showing statement balances, but do not show the amount of payments paid.
Some bureaus do show a payment date for the Chase Cards and all show that the status is OK / Current (or whatever terms the various credit bureaus have listed.)
Is that lack of payment amount and/or date important? Is this something that needs to be addressed?
I find it odd that a Department Store card handled through CapOne, and a Credit Union Card do display the amount paid (and date paid), while Chase Cards do not.
It's not unusual. Capital One doesn't report that information for their Visas and MasterCards either.
They are required to promptly report the updated debt balance after your payment. FCRA 623(a)(2).
Indirectly, the amounts paid will be shown, as it will be the difference between the prior balance and the new, current balance.
If a creditor is not promptly reporting the updated balance, that is disputable under FCRA 623(a)(2).
|RBC Visa $11k || Amex BCE $40k || BoA Travel $15k || FirstTech MC $5k || BECU PLoC $10k || Discover Miles $27.7k || CITI DC $19.5k || CHASE Amazon $8.5k // AU on DW's Costco Visa $12k||FICO 774|
Last Inq 08/2017
Updated balance doesn't allow you to know amount paid. For example:
So was a negative amount paid?
The actual amount paid in Aug was $1305 along with $1419 in new spending (i.e., paid in full each cycle).
Most CC companies that did report payments stopped in 3Q 2015. There has never been a requirement to report payment $$$ - just whether or notsatisfactory payment was made. The benefit of reporting payment amounts was a robust model could use that data to categorize account holders as transactors or revolvers and then segment the population accordingly. Credit risk factors could potentially then be tailored to the sub population for improving correlation between scoing and credit worthiness.
While the FCRA requires prompt update of the balance, the Fair Credit Billing Act provides requriments for and disputes of billing related matters on credit cards.
Idntification of acceptable billing related mattters that are subject to dispute under the FCBA is provided in subsection 161(b).
More specifically, FCBA 161(b)(4) clearly identifies lack of proper reflection in a billing statement of a payment made to the creditor.
You can file a dispute under the FCBA of the billing issue based on lack of their compliance with FCBA 161(b)(4).