topic Re: How to quickly fix wrong CC balance reported to credit bureaus? in General Credit Topics

How to quickly fix wrong CC balance reported to credit bureaus?

njames33 — Mon, 25 Jul 2022 23:23:28 GMT

Had a credit union mistakenly apply my payment 2 days later than it should have missing my statement end date. They said they fixed the mistake and I will see this corrected on my next statement but the issue is it was reported to the credit bureaus with the wrong amount prior to them correcting this.

The amount is over $16k so this is making a huge impact on my score/utiliztion/total balances and ability to get approved for new credit.

They "said" the payment was electronically reported correct but it is still not showing correct on my reports. Is there any way to find out for sure if this was actually updated to the correct amount and expedite the burueas to make sure my reports reflect the correct amount?

Re: How to quickly fix wrong CC balance reported to credit bureaus?

cashorcharge — Tue, 26 Jul 2022 00:05:58 GMT

There are only a few lenders that will go back and re-report mid-cycle and while you didn't mention which CU did this, I don't recall hearing any off the top of my head that do this regularly. That being said, my lean is unfortunately, you'll need to wait for the next statement to cut for it be reflected. You can ask them if they'll do a midcycle report on your CB's though I wouldn't set my expectations too high...

I recognize they "said" it was reported correctly and it was correct when they reported, meaning that was the balance they showed at that time

Re: How to quickly fix wrong CC balance reported to credit bureaus?

njames33 — Tue, 26 Jul 2022 02:10:21 GMT

@cashorcharge wrote:
There are only a few lenders that will go back and re-report mid-cycle and while you didn't mention which CU did this, I don't recall hearing any off the top of my head that do this regularly. That being said, my lean is unfortunately, you'll need to wait for the next statement to cut for it be reflected. You can ask them if they'll do a midcycle report on your CB's though I wouldn't set my expectations too high...

I recognize they "said" it was reported correctly and it was correct when they reported, meaning that was the balance they showed at that time

It seemed that they implied that it was corrected electronically with the CB's. I wasn't sure if there was a way to confirm this instead of just waiting and hoping that it's going to be reported correctly? I can call them as well but was hoping to get some input here before doing so.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

FireMedic1 — Tue, 26 Jul 2022 09:12:02 GMT

@njames33 wrote:
Had a credit union mistakenly apply my payment 2 days later than it should have missing my statement end date. They said they fixed the mistake and I will see this corrected on my next statement but the issue is it was reported to the credit bureaus with the wrong amount prior to them correcting this.

The amount is over $16k so this is making a huge impact on my score/utiliztion/total balances and ability to get approved for new credit.

They "said" the payment was electronically reported correct but it is still not showing correct on my reports. Is there any way to find out for sure if this was actually updated to the correct amount and expedite the burueas to make sure my reports reflect the correct amount?

It will fix itself come next statement date. You'll get back what you lost. Util has no memory. If the payment was on a late Friday. Like most banks it wont reflect until Monday. Then you can apply for credit as posted.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

njames33 — Tue, 26 Jul 2022 09:37:50 GMT

@FireMedic1 wrote:
@njames33 wrote:
Had a credit union mistakenly apply my payment 2 days later than it should have missing my statement end date. They said they fixed the mistake and I will see this corrected on my next statement but the issue is it was reported to the credit bureaus with the wrong amount prior to them correcting this.

The amount is over $16k so this is making a huge impact on my score/utiliztion/total balances and ability to get approved for new credit.

They "said" the payment was electronically reported correct but it is still not showing correct on my reports. Is there any way to find out for sure if this was actually updated to the correct amount and expedite the burueas to make sure my reports reflect the correct amount?

It will fix itself come next statement date. You'll get back what you lost. Util has no memory. If the payment was on a late Friday. Like most banks it wont reflect until Monday. Then you can apply for credit as posted.

Thanks for the response. The payment was not late, the bank mistakenly didn't credit it on the date it should have been (likely due to the amount). They apologized for the mistake, corrected it and told me they have notified the credit bureaus that the payment was made on the date they initially reported it to the bureaus.
Considering everything, I can't imagine there is nothing that can be done to have this correctly reported as it should have been. I took a large hit financially moving this money to make the payment in time so I want to exhaust every option possible to get this reported accurately even if it's a long shot.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

disdreamin — Tue, 26 Jul 2022 15:01:50 GMT

@njames33 wrote:
Thanks for the response. The payment was not late, the bank mistakenly didn't credit it on the date it should have been (likely due to the amount). They apologized for the mistake, corrected it and told me they have notified the credit bureaus that the payment was made on the date they initially reported it to the bureaus.
Considering everything, I can't imagine there is nothing that can be done to have this correctly reported as it should have been. I took a large hit financially moving this money to make the payment in time so I want to exhaust every option possible to get this reported accurately even if it's a long shot.

I'm curious why it matters that the amount was reported. If you are applying for credit before the next statement close/reporting date, this should have no impact on you whatsoever. Are you app-ing for something immediately, or is it that you don't want such a large sum showing up on your reports at all?

Re: How to quickly fix wrong CC balance reported to credit bureaus?

FireMedic1 — Tue, 26 Jul 2022 16:11:22 GMT

@disdreamin wrote:
@njames33 wrote:
Thanks for the response. The payment was not late, the bank mistakenly didn't credit it on the date it should have been (likely due to the amount). They apologized for the mistake, corrected it and told me they have notified the credit bureaus that the payment was made on the date they initially reported it to the bureaus.
Considering everything, I can't imagine there is nothing that can be done to have this correctly reported as it should have been. I took a large hit financially moving this money to make the payment in time so I want to exhaust every option possible to get this reported accurately even if it's a long shot.
I'm curious why it matters that the amount was reported. If you are applying for credit before the next statement close/reporting date, this should have no impact on you whatsoever. Are you app-ing for something immediately, or is it that you don't want such a large sum showing up on your reports at all?

This ^^^^^^^

Its only temporary. Maybe the itch for the card your after may subside and may have second thoughts.¯\_(ツ)_/¯

Stranger things have happened.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

njames33 — Tue, 26 Jul 2022 22:11:08 GMT

@disdreamin wrote:
@njames33 wrote:
Thanks for the response. The payment was not late, the bank mistakenly didn't credit it on the date it should have been (likely due to the amount). They apologized for the mistake, corrected it and told me they have notified the credit bureaus that the payment was made on the date they initially reported it to the bureaus.
Considering everything, I can't imagine there is nothing that can be done to have this correctly reported as it should have been. I took a large hit financially moving this money to make the payment in time so I want to exhaust every option possible to get this reported accurately even if it's a long shot.
I'm curious why it matters that the amount was reported. If you are applying for credit before the next statement close/reporting date, this should have no impact on you whatsoever. Are you app-ing for something immediately, or is it that you don't want such a large sum showing up on your reports at all?

Several reasons.. I will have a new tradeline reporting within 5 days which will likely drop my score and drop my AAoA. I also have some large business expenses I need to make which I want to try and put on a new business card. Otherwise I will need to use personal and will make it harder to get approved later.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

njames33 — Tue, 26 Jul 2022 22:14:56 GMT

@FireMedic1 wrote:
@disdreamin wrote:
@njames33 wrote:
Thanks for the response. The payment was not late, the bank mistakenly didn't credit it on the date it should have been (likely due to the amount). They apologized for the mistake, corrected it and told me they have notified the credit bureaus that the payment was made on the date they initially reported it to the bureaus.
Considering everything, I can't imagine there is nothing that can be done to have this correctly reported as it should have been. I took a large hit financially moving this money to make the payment in time so I want to exhaust every option possible to get this reported accurately even if it's a long shot.
I'm curious why it matters that the amount was reported. If you are applying for credit before the next statement close/reporting date, this should have no impact on you whatsoever. Are you app-ing for something immediately, or is it that you don't want such a large sum showing up on your reports at all?
This ^^^^^^^
Its only temporary. Maybe the itch for the card your after may subside and may have second thoughts.¯\_(ツ)_/¯
Stranger things have happened.

Has nothing to do with an "itch". I'm trying to get my business separated from my personal and I have a short window where my credit will be the best it's going to to be to apply.

Re: How to quickly fix wrong CC balance reported to credit bureaus?

GatorGuy — Wed, 27 Jul 2022 02:51:19 GMT

The CRA reflect new balances immediately. As soon as the CU reports the new balance then the CRA will show it.