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Chase Credit Cards do not show amounts paid even though I PIF

Established Contributor

Chase Credit Cards do not show amounts paid even though I PIF

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.  


Message 1 of 6
5 REPLIES
Valued Contributor

Re: Chase Credit Cards do not show amounts paid even though I PIF

It's not unusual. Capital One doesn't report that information for their Visas and MasterCards either.

Message 2 of 6
Community Leader
Epic Contributor

Re: Chase Credit Cards do not show amounts paid even though I PIF

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).

Message 3 of 6
Established Contributor

Re: Chase Credit Cards do not show amounts paid even though I PIF

Updated balance doesn't allow you to know amount paid. For example:

Aug: $1305
Sep: $1419

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).

RBC Visa $11k || Amex BCE $40k || BoA Travel $15k || FirstTech MC $5k || Amazon Store $5k || BECU PLoC $10k || Discover Miles $18.5k || CITI DC $11.5k || CHASE Amazon $8.5k // AU on DW's Costco Visa $12k FICO 763
Last Inq 08/2017
...
Message 4 of 6
Valued Contributor

Re: Chase Credit Cards do not show amounts paid even though I PIF


Canadian-In-Seattle wrote:
Updated balance doesn't allow you to know amount paid. For example:

Aug: $1305
Sep: $1419

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).

^ Agreed

 

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.

 

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 5 of 6
Community Leader
Epic Contributor

Re: Chase Credit Cards do not show amounts paid even though I PIF

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).

Message 6 of 6