topic Re: Do Credit Bureaus Update Credit Reports Immediately? in General Credit Topics

Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Thu, 08 Feb 2024 17:29:36 GMT

When creditors report the new balance to credit bureaus...do they update the credit report with the new balance when they receive it? For example..Capital One reports my new balance on Feb 8...then I apply for a loan on Feb 9...when they pull my credit report would they see the Capital One new balance as reported on Feb 8?

Re: Do Credit Bureaus Update Credit Reports Immediately?

GZG — Thu, 08 Feb 2024 17:45:29 GMT

@AJ67 wrote:
When creditors report the new balance to credit bureaus...do they update the credit report with the new balance when they receive it? For example..Capital One reports my new balance on Feb 8...then I apply for a loan on Feb 9...when they pull my credit report would they see the Capital One new balance as reported on Feb 8?

the delay could be on either end and there's no way to know where the delay came from

the delay could be from Capital One, or it could be from the CRAs, and this can change on a daily, weekly, monthly, yearly basis

the only way to know if a reported balance has changed is to check your reports, it usually takes at least 2-3 days though to reflect an updated balance. Sometimes longer.

https://annualcreditreport.com/ free weekly reports

https://service.transunion.com/dss/login.page free daily TU reports (every 24 hours)

https://www.experian.com/

https://my.equifax.com/membercenter/#/login

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Thu, 08 Feb 2024 18:06:00 GMT

@GZG wrote:
@AJ67 wrote:
When creditors report the new balance to credit bureaus...do they update the credit report with the new balance when they receive it? For example..Capital One reports my new balance on Feb 8...then I apply for a loan on Feb 9...when they pull my credit report would they see the Capital One new balance as reported on Feb 8?
the delay could be on either end and there's no way to know where the delay came from

the delay could be from Capital One, or it could be from the CRAs, and this can change on a daily, weekly, monthly, yearly basis

the only way to know if a reported balance has changed is to check your reports, it usually takes at least 2-3 days though to reflect an updated balance. Sometimes longer.

https://annualcreditreport.com/ free weekly reports

https://service.transunion.com/dss/login.page free daily TU reports (every 24 hours)

https://www.experian.com/

https://my.equifax.com/membercenter/#/login

Thanks for the links. I have a FICO subscription. It only gives me my credit reports once a month. However, they show the date when the creditor reported my balance. That date is exactly the same date my statements closed. So it looks like there is no delay as to the creditors reporting to the credit bureaus.

Re: Do Credit Bureaus Update Credit Reports Immediately?

GZG — Thu, 08 Feb 2024 18:18:53 GMT

@AJ67 wrote:
@GZG wrote:
@AJ67 wrote:

Thanks for the links. I have a FICO subscription. It only gives me my credit reports once a month. However, they show the date when the creditor reported my balance. That date is exactly the same date my statements closed. So it looks like there is no delay as to the creditors reporting to the credit bureaus.

so yeah, it says the last update was X date, but you have no idea if on X date, the information was actually there on your report, unless you see the report yourself.

and I can tell you, that "date updated" is not the actual date that the information will be refelected on your reports. That might be the date that the creditor sent over that information, but it is typically several days before that information is actually reflected on your reports.

I recently got a CLI

it says it was reported Feb 2nd.

Amex sent over that information on Feb 2nd, but it wasn't on my report on Feb 2nd. that's when my statement ended.

It wasn't until Feb 6th that the information from that report was actually reflected on my reports

On Feb 2nd, this updated information was not there.

Amex sent over this update on Feb 2nd, but it was not on the report on Feb 2nd. And the only way to know that for sure, is to check your reports daily to see what is and isn't there.

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Thu, 08 Feb 2024 18:33:01 GMT

@GZG wrote:
so yeah, it says the last update was X date, but you have no idea if on X date, the information was actually there on your report, unless you see the report yourself.

and I can tell you, that "date updated" is not the actual date that the information will be refelected on your reports. That might be the date that the creditor sent over that information, but it is typically several days before that information is actually reflected on your reports.

I recently got a CLI

it says it was reported Feb 2nd.

Amex sent over that information on Feb 2nd, but it wasn't on my report on Feb 2nd. that's when my statement ended.

It wasn't until Feb 6th that the information from that report was actually reflected on my reports

On Feb 2nd, this updated information was not there.

Amex sent over this update on Feb 2nd, but it was not on the report on Feb 2nd. And the only way to know that for sure, is to check your reports daily to see what is and isn't there.

Thank you so much! That's exactly the information I was looking for. So before I apply for a new credit card (I have one to go that pulls TU) I will check the TU site that provides the credit report every 24 hours to make sure the new balance of my credit cards have been reflected..

Re: Do Credit Bureaus Update Credit Reports Immediately?

SouthJamaica — Fri, 09 Feb 2024 04:37:18 GMT

@AJ67 wrote:
When creditors report the new balance to credit bureaus...do they update the credit report with the new balance when they receive it? For example..Capital One reports my new balance on Feb 8...then I apply for a loan on Feb 9...when they pull my credit report would they see the Capital One new balance as reported on Feb 8?

Yes the bureau updates when it receives the new data. Probably once a day.

But one day turnaround is cutting it too close. You should make sure the balances are actually updated in your reports, before assuming that they are.

Re: Do Credit Bureaus Update Credit Reports Immediately?

Anonymalous — Fri, 09 Feb 2024 05:56:23 GMT

@AJ67 wrote:
@GZG wrote:
so yeah, it says the last update was X date, but you have no idea if on X date, the information was actually there on your report, unless you see the report yourself.

and I can tell you, that "date updated" is not the actual date that the information will be refelected on your reports. That might be the date that the creditor sent over that information, but it is typically several days before that information is actually reflected on your reports.

I recently got a CLI

it says it was reported Feb 2nd.

Amex sent over that information on Feb 2nd, but it wasn't on my report on Feb 2nd. that's when my statement ended.

It wasn't until Feb 6th that the information from that report was actually reflected on my reports

On Feb 2nd, this updated information was not there.

Amex sent over this update on Feb 2nd, but it was not on the report on Feb 2nd. And the only way to know that for sure, is to check your reports daily to see what is and isn't there.
Thank you so much! That's exactly the information I was looking for. So before I apply for a new credit card (I have one to go that pulls TU) I will check the TU site that provides the credit report every 24 hours to make sure the new balance of my credit cards have been reflected..

I think you're confusing reports and alerts. You don't need a report to get an alert. I haven't pulled a new report from My FICO for more than a month, but if I click on the Alert tab I see 5 updates in the past month, when things in my credit report changed. I got an alert for a new inquiry, a score increase, a balance decrease on one of my accounts, a new tradeline, and a score decrease. It doesn't document every time a lender reports a monthly balance to the bureaus, but if there's even a modest change (like a balance shifting by more than a $100), it generates an alert, which gets pushed to me.

Some other services track every change. I know Credit Karma generates a new profile / report every time a card reports. I don't get a pushed alert for every one, but I can go into the app and check, and see that my Kohl's card reported another $0 balance. Experian is similar, and together they cover the 3 bureaus for free.

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Fri, 09 Feb 2024 12:38:03 GMT

@Anonymalous wrote:
I think you're confusing reports and alerts.

Not really! I look at both...I don't get alerts on all changes. I want to know when new cc balances are reflected on credit reports to correctly time my application for a new loan!

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Sat, 10 Feb 2024 20:49:35 GMT

UPDATE:

I have made a large payment (several thousands) to Capital One before the statement was generated. My statement closed on Feb 7 showing my new and improved balance. OK...TU updated my credit report with the new balance today (it could have been updated late at night yesterday). EQ and EX didn't update my reports with the new balance yet. I didn't get an alert even from TU that my Cap One balance was decreased...at least not yet. My TU credit score went up 14 points...

I'm monitoring my credit reports to see when EQ and EX will reflect my new Cap One balance. I'll post here the dates.

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Mon, 12 Feb 2024 05:11:54 GMT

UPDATE:

This evening (Feb 11) EQ updated my Cap 1 new balance that was on my statement dated Feb 7..I also got an alert from EQ.

TU ---> updated it on Feb 10...no alert

EQ---->updatred it on Feb 11 + an alert

EX----->nothing yet

Re: Do Credit Bureaus Update Credit Reports Immediately?

Zoostation1 — Mon, 12 Feb 2024 05:29:06 GMT

@AJ67I've found that lately it can take up to a week after statement closing for any updates to show on Experian for Capital One accounts (doesn't matter where you view the data, whether it's myFICO, Experian website etc. Capital one is slow to update EX regardless).

Re: Do Credit Bureaus Update Credit Reports Immediately?

nytokyobred79 — Mon, 12 Feb 2024 08:33:21 GMT

@AJ67 wrote:
UPDATE:

This evening (Feb 11) EQ updated my Cap 1 new balance that was on my statement dated Feb 7..I also got an alert from EQ.

TU ---> updated it on Feb 10...no alert
EQ---->updatred it on Feb 11 + an alert
EX----->nothing yet

This scenario is definitely typical. My bureau updates vary monthly, this is to say, that sometimes EX reflects new balances first or other times it may be the other bureaus. In my case, EX is usually the first one. For what it's worth, I'm from NY and most creditors typically only pull EX for new accounts in NY, save Cap 1 or Barclays which pull multiple bureaus. I don't know if there's a correlation to EX being heavily used in NY and that bureau getting updated typically first. But it was more of a random supposition as I read this thread( no evidence for this 😉)

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Mon, 12 Feb 2024 10:11:58 GMT

@nytokyobred79 wrote:
@AJ67 wrote:
UPDATE:

This evening (Feb 11) EQ updated my Cap 1 new balance that was on my statement dated Feb 7..I also got an alert from EQ.

TU ---> updated it on Feb 10...no alert
EQ---->updatred it on Feb 11 + an alert
EX----->nothing yet
This scenario is definitely typical. My bureau updates vary monthly, this is to say, that sometimes EX reflects new balances first or other times it may be the other bureaus. In my case, EX is usually the first one. For what it's worth, I'm from NY and most creditors typically only pull EX for new accounts in NY, save Cap 1 or Barclays which pull multiple bureaus. I don't know if there's a correlation to EX being heavily used in NY and that bureau getting updated typically first. But it was more of a random supposition as I read this thread( no evidence for this 😉)

Credit cards provide free credit reports/scores. Capital One provides TU reports/scores. I can access this when I login to my Cap 1 account. I'm wondering if there is correlation there because TU was the first to update Cap 1 new balance. I'm going to monitor my other credit cards to see which credit report updates what first. I'm planning to apply for one more credit card that has 0% on BT/purchases after all my new cc balances have been updated as I lowered all the balances of all my credit cards.

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Mon, 12 Feb 2024 18:09:00 GMT

UPDATE:

Another credit card closed my statement on 2/11. The new balance was updated on EX today. However, it wasn't updated on EQ or TU. That credit card provides EX reports/scores and they pulled EX when I applied. So I think there is a correlation there.

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Wed, 14 Feb 2024 20:19:43 GMT

WOW...EX has yet to update Cap1 new balance. It has been a week since my statement closed. It's taking forever...

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Thu, 15 Feb 2024 20:07:04 GMT

@Zoostation1 wrote:
@AJ67I've found that lately it can take up to a week after statement closing for any updates to show on Experian for Capital One accounts (doesn't matter where you view the data, whether it's myFICO, Experian website etc. Capital one is slow to update EX regardless).

You know it could be even more than a week for EX to update Capital One new balance. The statement closed on Feb 7...I pulled EX report today...it did not update yet. That's 8 days since the statement...unbelievable!

Re: Do Credit Bureaus Update Credit Reports Immediately?

AJ67 — Sat, 02 Mar 2024 22:47:24 GMT

Unbelievable! One of my Chase credit cards generated the statement on Feb 20. A couple of days later...the new balance was reflected on EX and TU. EQ didn't update yet!