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Slow reporting?

Regular Contributor

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
Message 1 of 4
3 REPLIES
Super Contributor

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  Smiley Very 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
Message 2 of 4
Regular Contributor

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 Smiley Sad

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
Message 3 of 4
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Moderator Emeritus

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.
Message 4 of 4