Report timing questions.

[ficostef]

Thank you in advance for any information that can be provided. Although I have searched for answers to the following questions, I'm not sure I have a strong understanding. I'm trying to understand when new CC balances should appear on my CR's each month, with particular interest in TU.

First:

I'm dealing with 3 CC's from Cap1 (monthly statement dates of 2nd, 7th, and 26th) and 1 CC from Elan (statement date of 10th).

I believe I read Cap1 reports each card just once each month, generally 3-5 days after each card statement. Is that accurate?

As for Elan, it seems they report just once a month also, possibly at month end (?). Any one know for sure?

Second:

When the three reporting agencies (again, TU in particular) generate a report, does it reflect timely updates of the information as the CC's provided it? Or do they batch the data and update their databases on a different schedule such as weekly, bi-monthly, monthly, etc??

-stef

[polno1234]

call them and ask when they report for the cc's. i believe cra's update when they recieve info from cc's and anyone else who reports.

[Lechte]

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@ficostef wrote:

Thank you in advance for any information that can be provided. Although I have searched for answers to the following questions, I'm not sure I have a strong understanding. I'm trying to understand when new CC balances should appear on my CR's each month, with particular interest in TU.

First:

I'm dealing with 3 CC's from Cap1 (monthly statement dates of 2nd, 7th, and 26th) and 1 CC from Elan (statement date of 10th).

I believe I read Cap1 reports each card just once each month, generally 3-5 days after each card statement. Is that accurate?

As for Elan, it seems they report just once a month also, possibly at month end (?). Any one know for sure?

Second:

When the three reporting agencies (again, TU in particular) generate a report, does it reflect timely updates of the information as the CC's provided it? Or do they batch the data and update their databases on a different schedule such as weekly, bi-monthly, monthly, etc??

-stef

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Cap1 reports once a month..and the statement date should be around 3 days after the due date.   The statement date is when they report whatever balance is showing on your account to the CRA's.  It may take a day or 2 or 3 for your CR to actually reflect that.

[ficostef]

Thank you for the reply on Cap1.

As for contacting the CC's, I did talk with Elan and they state they report monthly. Did not have a specific date, however said it is usually in the first ten days of the month.

What Elan also stated, and which concerns me in attempting to quickly fix my utilization, is that some CRA's only update quarterly.

Can anyone offer insight on the CRA updating?

Thanks in advance.  -stef

[RobertEG]

The CRAs update daily.  Their computers most likely run 24/7.

Quarterly updates would make the value of their product next to useless to creditors.