topic Re: Credit reporting slow? in General Credit Topics

Credit reporting slow?

Anonymous — Sat, 02 May 2020 21:47:26 GMT

So, I'm in desperate need of a new car and needed my scores up to get a good approval. I used my stimulus check to pay off all old debts on mine and my wifes accounts, and pay down the active accounts. Now usually they all report on the 1st. So, I was hoping to get something this weekend. BUT, none have reported anything as of today, the 2nd. Is this something I just haven't noticed the last few months of not checking on the first day of the month, or is eveything going really slow because of Covid-19?

Re: Credit reporting slow?

Anonymous — Sat, 02 May 2020 22:15:30 GMT

@Anonymous It's the weekend. Over the years I've noticed that updating of accounts that report on or close to the weekend is delayed. For some reason, credit scoring related to account aging, etc. is not delayed but the actual updating of accounts is slow.

I even just checked my Experian credit report that I pulled earlier today and four accounts that should have reported on April 30th - 2 U.S. Bank, 1 Elan Financial and an auto loan - have not been updated by any of the three credit bureaus.

Re: Credit reporting slow?

Anonymous — Sat, 02 May 2020 22:35:28 GMT

That's a relief to know it's not just me. Guess I'll have to wait till Monday or Tuesday at the earliest then.

Re: Credit reporting slow?

Mr_Mojo_Risin — Sat, 02 May 2020 22:43:10 GMT

EQ and TU haven't updated my Capital One payment from April 11th yet. EX updated by the 14th.

I've been hearing alot of late or no reporting at all lately. Just keep an eye on your reports and hopefully it will update soon.

Good luck

Re: Credit reporting slow?

Anonymous — Sat, 02 May 2020 22:46:17 GMT

Most likely Monday morning. The credit bureaus release their updated consumer reports at 3 a.m. Eastern/Midnight Pacific so you can access them at any time after that.

Re: Credit reporting slow?

805orbust — Sat, 02 May 2020 23:24:57 GMT

I've got a car loan that hasn't updated since February. I don't know whats going on.

Re: Credit reporting slow?

hpotterfan77 — Sun, 03 May 2020 22:34:00 GMT

Ally hasn't updated my car loan since December! From what I understand, they aren't updating during this whole Covid-19 mess but that aggrvates me because that's more positive history that ISN'T reporting to my reports. SMH

Re: Credit reporting slow?

Anonymous — Mon, 04 May 2020 13:44:07 GMT

Still no update. But looking at my credit accounts, they've all accepted payments but none have increased the available balance yet. Which in the past was usually within a day at most and it's been over a week. I figure that portion would be automated so long as the payments go through. This is crazy. But at the same time Equifax handled an online dispute faster than it ever has in the past for me. I don't know what to think anymore. Maybe I should just put in disputes over the amounts and it'll update faster

Re: Credit reporting slow?

rckstrscott — Mon, 04 May 2020 19:34:24 GMT

Anecdotally I believe TU is not doing any updates or processing right now.

Experian and Equifax has responded to an initial CFPB dispute, about an old account reporting incorrectly, that I opened on 4/21/2020 but Transunion hasn't. Experian has already corrected the issue. Equifax is investigating with the OC but it's moving along.
TU is not allowing me to make any online disputes.
NO balances on my TU accounts have been updated since mid-April.

I am in the middle of a mortgage process and was hoping to see some balance payoffs impacting my score, but while Equifax and EX have increased accordingly, TU has not budged:

Frustrating but what are can you do?

-scott

Re: Credit reporting slow?

Anonymous — Wed, 06 May 2020 11:38:32 GMT

@Anonymous wrote:
Still no update. But looking at my credit accounts, they've all accepted payments but none have increased the available balance yet. Which in the past was usually within a day at most and it's been over a week. I figure that portion would be automated so long as the payments go through. This is crazy. But at the same time Equifax handled an online dispute faster than it ever has in the past for me. I don't know what to think anymore. Maybe I should just put in disputes over the amounts and it'll update faster

@Anonymous I just checked my Experian and TransUnion reports and all my account that report to the CRAs on the last day of the month were updated overnight.

Re: Credit reporting slow?

Anonymous — Wed, 06 May 2020 14:36:07 GMT

So looking at Experian for both mine and my wife's report. Of the ~11 accounts either paid off or paid down between us both, only a few have updated. None of the collections (4) on my account have reported. Synchrony, which makes up 3 of the accounts (2 open), have told me that they don't report till the 10th. From both Cap One CC's under my wife (which both closed after 1 of the cards returned an autopay payment, still upset about that) that were paid on the same day, one is updated. Target Red card is updated. And one of my old charged off credit cards reported. So, basically one thing on mine, and 2 on my wife's.

Re: Credit reporting slow?

righthererightnow — Wed, 06 May 2020 19:16:12 GMT

YES. It's so slow right now. Still waiting on a new line (that I have paid on, and already onto the next quarter) to report. Hopefully with the economy 'opening up' this means the big 3 will get back to normal update/ processing times.

Re: Credit reporting slow?

Anonymous — Wed, 06 May 2020 19:28:53 GMT

Joining this party here... I wanted to give my update. An account that was sent for deletion to all 3 CA's by the lender in Feb, came off my Experian and TU reports in a matter of days (Experian over night, TU 2 days later) but as of the time of this post, it still has not come off my EQ report.

I am now worried because its been a few months. Are these things not automated? Why the slowness? Does anyone have any insight into how EQ actually goes about processing deletions? Is it a manual human review?

Help!