Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
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
Posts: 8,197
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  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
Regular Contributor
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 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
Moderator Emeritus
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.
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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.