topic Re: Only 1 CRA has updated - why aren't they updated at the same time in General Credit Topics

Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Wed, 12 Sep 2018 13:53:25 GMT

I had a student loan go into collection a while ago. I've finally paid it in full last month. Experian updated the closure and payoff right away, which prompted a 30+ pt jump in my mortgage score. Since my husband and I are looking to build a house, this was great news! However, Equifax and Transunion have yet to update this information.

Could someone explain this process to me? How can one show as paid off and the other two do not? If the lender is reporting the payoff, wouldn't it be reported to whoever they reported to in the first place?

Re: Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Wed, 12 Sep 2018 14:23:51 GMT

When a creditor reports an update to an existing account (or a new account altogether), the creditor reports the information typically to each of the Big Three at the same time.

But after that, the information sits in a holding place until the bureau updates its database with the new data. That could last only a few hours or it might take a week. No one has ever figured out a pattern to how long it will take. It doesn't seem to take one bureau consistently longer (as far as I know) nor does it take certain kinds of accounts longer or shorter (e.g. credit cards vs. loans vs. collections, etc.).

This is why it is actually very rare for all three CRA databases to update within the same day. There is usually some (random) variation on how long each one will take.

Re: Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Wed, 12 Sep 2018 15:57:09 GMT

The pattern goes a little something like this, Ex update almost immediately (next day) after receiving info from creditors, Eq follows suit about 2-3 days after, then TU another 2-3 days after. I see this same pattern every month after each of my CC statement updates.

Re: Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Wed, 12 Sep 2018 16:50:09 GMT

Hey Oldman! I think we'd all benefit from you starting your own dedicated thread about this. It would be really valuable if several people could confirm what you are saying. On the other hand, if there were a diversity of experience that would be valuable in knowing too.

Re: Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Wed, 12 Sep 2018 17:16:14 GMT

There was a thread last year, similar to this one, where many posters including myself confirmed the same pattern. For me this is not only true with monthly CC statement updates, it was also true when I PFD 2 medical copay collections a year and a half ago when my scores jumped from low 700s to 825, I remember being pissed at TU during my week long recon for Chase Ink Cash waiting for TU to update (Ex and Eq already updated) so Chase can re-pull the report.

Re: Only 1 CRA has updated - why aren't they updated at the same time

Anonymous — Thu, 13 Sep 2018 00:49:00 GMT

Interesting. My reports typically update Transunion , Equifax and lastly Experian. I hate the lag. Transunion usually first and Equifax and Experian is typically the same day or a day from each other.

Re: Only 1 CRA has updated - why aren't they updated at the same time

RobertEG — Thu, 13 Sep 2018 21:17:45 GMT

.. the other possibility is that the creditor only actually reported their update to one CRA, and not to all.

Yes, they are required under FCRA 623(a)(2) to promptly update with each CRA to which the information was reported, but that does not mean that they filed an update with each CRA.

Regardless, the standard is that they "promptly" update.

Promptly is reasonably interpreted as being done in their next regular reporting cycle.

If no update is received within 60 days, that is reasonable basis for concluding a violation of FCRA 623(a)(2), and thus for filing a dispute with any CRA to which an update has not been shown.