Someone explain this...

[JBB529]

Balance Change details

Balance Change

• Type
• All Bankcard

• Total Balance
• $3,325.00

This dropped my TU score by 15 points. This is roughly the same balance it has been for a few months. Why is this reporting like it's new?

[Anonymous]

Dropped 11 points today after I paid down my credit card significantly. Waiting on the others to refresh tomorrow and see if I get an increase or decrease. Very frustrating!

[RobertEG]

FCRA 623(a)(2) requires any party who has reported information to a CRA to promptly update that information as needed to maintain its current accuracy.

As a balance changes, they should be updating.

Having said that, it is just a common for furnishers not to update the current balance whenever it changes, either due to additional interest or fees, or payments made.

It is thus a requirement that is routinely ignored.  However, if they do update, it is proper.

[JBB529]

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@RobertEG wrote:

FCRA 623(a)(2) requires any party who has reported information to a CRA to promptly update that information as needed to maintain its current accuracy.

As a balance changes, they should be updating.

Having said that, it is just a common for furnishers not to update the current balance whenever it changes, either due to additional interest or fees, or payments made.

It is thus a requirement that is routinely ignored.  However, if they do update, it is proper.

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I get that, but how does reporting the same balance that's been reported end up dropping a score?

[RobertEG]

How much is roughly the same?

[JBB529]

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@RobertEG wrote:

How much is roughly the same?

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$200 or so

[gdale6]

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@JBB529 wrote:

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@RobertEG wrote:

How much is roughly the same?

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$200 or so

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it updates like this to keep your Fico depressed and hurt your ability to obtain new credit, its a weapon available to creditors as Fico picks them up as brand new items each time it updates.

[Anonymous]

I take it this is a revolving account? I had something like this happen once when a creditor dropped my credit limit and reported the decrease to the credit bureaus, messing up my utilization. Other than that not sure.