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Should CCCs be required to report each month if they report at all

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marty56
Super Contributor

Should CCCs be required to report each month if they report at all

Since uncle Sams is getting involved in the CCC business, why dont they do something usefull for those of us who are working hard to improve our credit and live by the rules.

 

I would make CCCs required to report each month to the CRAs if they report at all and also have them to that on the same day each month, just like they have to do now for the due date.  Also they must issue a statement each month even on a zero balance.

 

This would help people who PIF not have to wait in some cases 2 months to show the zero balances.

 

Also it would help on a MR to clearly show the account is being managed properly by the individual. 

 

My BofA account hasnt updated on TU and EQ in over 1 year, yet my imfamous 120 day lates still stand out like a sore thumb.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 1 of 5
4 REPLIES 4
2wheel
Frequent Contributor

Re: Should CCCs be required to report each month if they report at all

Good Idea.. And also if you pay off a collection it should be deleted from your file automatically because it does reflect your score if it still shows even as paid
2wheel
Message 2 of 5
jackg
Established Contributor

Re: Should CCCs be required to report each month if they report at all

marty56,

 

I'm with you 100% and would suggest one addition. They must allow us to pay on line prior to the statement closing date.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 3 of 5
creditwherecreditisdue
Senior Contributor

Re: Should CCCs be required to report each month if they report at all

Good idea marty. They should have to report monthly and on the statement date (which will be fixed very soon) if they report at all.  


@2wheel wrote:
Good Idea.. And also if you pay off a collection it should be deleted from your file automatically because it does reflect your score if it still shows even as paid

Well nothing like taking a good idea and trying to extrapolate it beyond all recognition. Of course it stays on your CBR - negative information remains for seven years and that is the law. (Unless you live in NY, then it is five years for paid negatives.) Should all lates be removed once an account is brought current? If all past bad behavior was removed from CBR's when remedied their value would be zero.

Message 4 of 5
creditwherecreditisdue
Senior Contributor

Re: Should CCCs be required to report each month if they report at all


@jackg wrote:

marty56,

 

I'm with you 100% and would suggest one addition. They must allow us to pay on line prior to the statement closing date.


 

The only one I have that really presents me with a problem like this is Citi. I solved this by pushing them payments from BillPay. That seems to work just fine.
Message 5 of 5
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