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Regular Contributor
turninganewleaf
Posts: 140
Registered: ‎08-08-2007
0

Slow reporting?

I am new to FICO's score watch and received my first credit alerts over the weekend.  The alerts stated that two of my balances have increased.  The information was correct , however, it is reporting about 2 weeks late. 
 
For example, one credit alert is for a CC balance I had ($133.00), but I paid that off on Aug 4th, current balance is now $34.83, but it's reporting the $133.00 balance.  Exact same for another CC balance...
 
Make sense?  Is FICO always going to be a month's reporting behind the current, actual balance?
 
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Slow reporting?



turninganewleaf wrote:
I am new to FICO's score watch and received my first credit alerts over the weekend.  The alerts stated that two of my balances have increased.  The information was correct , however, it is reporting about 2 weeks late. 
 
For example, one credit alert is for a CC balance I had ($133.00), but I paid that off on Aug 4th, current balance is now $34.83, but it's reporting the $133.00 balance.  Exact same for another CC balance...
 
Make sense?  Is FICO always going to be a month's reporting behind the current, actual balance?
 


Only two weeks late?  That is pretty good - I am still waiting for one that should have happened nearly a month ago  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
javi84
Posts: 171
Registered: ‎05-18-2007
0

Re: Slow reporting?

Reports are not in real-time, meaning they don't generate reports as events happen. It would be nice if it was, but sadly its not :smileysad:

First you pay the CC company then the CC company generates a report (usually once a month I think and probably towards the end of the month) then CC company send the report to the 3 bureaus then I don't know what they do with them, they probably update the old reports with the new one and all that takes time.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Slow reporting?

This is true your statement date is not necesarily your reporting date though some banks do.  I have one that updates within a day or two of statement.  Some creditors only release a batch file of all accounts once a month.

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