Actual mechanics of updating credit report

Anonymous · ‎09-09-2013

Hi everyone,

I am going through a goodwill process currently and the CA has sent me a letter saying that they have requested the credit bureaus to delete the account. Does anyone know how this process actually works?

I mean, do they send them a letter or file via mail or is it that they upload an electronic document? Does it cost them anything to do this?

Thanks

AK

Anonymous · ‎09-09-2013

Yes, the CAs pay the CRAs to report.

Normally, it is done electronically but they could also send in a form. It can take up to 90 days for the CRAs to delete.

Anonymous · ‎09-09-2013

Would it be possible to pay the CAs to hasten this process since the probably have to pay everytime they update?

Thanks again.

Anonymous · ‎09-09-2013

Pay them to have it reported faster? No, I don't think that would be legal.

Normally it is not the CA at fault for taking so long. It is the CRAs.

I don't think they pay each time, they have a contract with the CRAs.

Anonymous · ‎09-09-2013

Ah, I understand,

so the CAs send an update and the CRAs take their own sweet time to update? If it is electronic, why cannot the CRA's update it immediately?

Thanks

AK

Anonymous · ‎09-09-2013

I don't really know the answer to that. I can guess the CRAs get 100s of thousands of updates a day.

ezdriver · ‎09-09-2013

The only other way to expedite is a RAPID UPDATE done by a mortgage person with access to the credit bureaus. RAPID UPDATE/RESCORE is a normal process for folks processing mortgage apps. Find a friend in the business who can do you a favor is waiting is not an option for you. When I owned my mortagge brokerage, I frequently did this for folks as a courtesy.

RobertEG · ‎09-09-2013

Furnishers have their own normal reporting cycles. Some monthly, some quarterly. It's up to them.

They normally send one gigantic electronic file that includes all updates for that reporting period.

Furnishers are requried by the CRAs to submit their reporting in a standardized "Metro 2" format that their own software can read.

Their reporting software separates each indvidual account by inserting headers

It would thus cost both the furnisher and the CRAs additional resources to send in daily updates or an update for only one account.

However, I see absolutely nothing improper or illegal with their acceptance of an addtional fee for such an additional service.

If earlier deletion is critical, I would not hesitiate to ask......

Anonymous · ‎09-09-2013

I have an email/document from the CA saying that they have requested the credit bureaus to delete the account. So I presume it's up to the CRAs now.

If they sent it electronically to the CRAs, how long should it take typically.

If I get the UDF/document from the CA, can I then use that to contact the CRAs?

Anonymous · ‎09-09-2013

It can take up to 90 days.

You can try to send the UDF. Others have and it varied on what happened. One CRA said they had to get it from the creditor and another said they couldn't use it.