Understanding FICO® Scoring

[turninganewleaf]

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?

[MidnightVoice]

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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?

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Only two weeks late?  That is pretty good - I am still waiting for one that should have happened nearly a month ago 

[javi84]

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

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.

[Brammy]

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.