Reply
Member
Posts: 21
Registered: ‎08-16-2008
0

How long does it take for credit bureaus to update info from creditors?

I'm about to apply for a mortgage. Before I applied, I wanted to pay down some credit card accounts. I checked my TU and EQ scores before I paid down the debt and both were in the high 690's. This past weekend, I paid off 3 credit cards and a furniture store credit card, so the balance on those 4 are zero now. I checked this morning, a Thursday morning and nothing had changed. My balances with the creditors are zero when I check all of the websites but when I ran my credit this morning, it still reflected the old balances and said credit utilization was hurting my score.

 

I've always heard credit reports were real time but it's been several days since I've paid these off and it doesn't appear that the new balances have been reported to the credit bureaus. How long does it take for a company to report to a bureau, how often do creditors report to bureaus, and when should I expect to see teh impact of the zero balances on my credit score? Also, if I go to a bank and a loan officer runs my report, will they see a different updated score or the same thing I see?

Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
0

Re: How long does it take for credit bureaus to update info from creditors?

Hi humes. CCCs usually report once per month (most report after the statement cuts, some report as of the last business day of the month). That said, depending upon when the statements have cut, you are looking at up to 30 days, plus the time it takes for the CRAs to process your request--could be up to an additional 15 days or so for that.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Regular Contributor
Posts: 128
Registered: ‎12-21-2008
0

Re: How long does it take for credit bureaus to update info from creditors?

I have found that they generally update 7-14 days after they cut their statements.  If you want the $0 to post, make sure not to use those credit cards until after the statement cuts showing the $0 balance due.

 

It's a waiting game & sometimes waiting is very, very hard :smileywink:


Starting Score: 527
Current Score: 679
Goal Score: 800


Take the myFICO Fitness Challenge
Member
Posts: 21
Registered: ‎08-16-2008
0

Re: How long does it take for credit bureaus to update info from creditors?

[ Edited ]
Thanks for the quick replies everyone. I'll wait a couple of more weeks before applying to make sure that it properly reflects the latest balances.
Message Edited by humes on 01-28-2010 11:05 AM
New Contributor
Posts: 73
Registered: ‎01-22-2010
0

Re: How long does it take for credit bureaus to update info from creditors?

If you're in a real hurry you can have your LO do a rapid rescore and update the balances with the CRA's.
myFICO EQ 1/26- 538 2/7- 564 2/16- 585 2/20- 608 2/26- 622 3/4- 645
TU 1/26- 526, 2/8- 609 2/26- 633
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
0

Re: How long does it take for credit bureaus to update info from creditors?

That costs about $30-$35 per TL per CRA.

Calzonan wrote:
If you're in a real hurry you can have your LO do a rapid rescore and update the balances with the CRA's.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
Posts: 35
Registered: ‎04-18-2007
0

Re: How long does it take for credit bureaus to update info from creditors?

Can you just dispute the balances forcing the bureaus to update the balances with the creditors?

Starting Score: 704
Current Score: 724
Goal Score: 760


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,681
Registered: ‎07-29-2009
0

Re: How long does it take for credit bureaus to update info from creditors?


steppingup wrote:
Can you just dispute the balances forcing the bureaus to update the balances with the creditors?

 

If you dispute the balances, that can create other issues. For a mortgage, underwriters don't want to see disputes on the credit report. It can hold up a mortgage, and it can take a lot of time for the dispute notation to disappear.

 

I dispute selectively and seldom.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.