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Accurate Balance Reporting

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Member

Accurate Balance Reporting

Is there a way to get credit card companies to report accurate balance amounts. I have paid down several cards and the balances reported are no where close to what they should be (about a 20% difference). They are reporting balance payments, but it seems to be some random number and nothing that matches any payment amounts or amounts with added interest. I'm in the process of obtaining a mortgage, so just a few points on my credit score can save me thousands of dollars with a lower interest rate

Message 1 of 6
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Established Contributor

Re: Accurate Balance Reporting

Depending on who you have cards with, some issuers will update balances. A lot of members have reported a simple call to their CC company and their balances were updated. 

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Senior Contributor

Re: Accurate Balance Reporting


@HeyScooby wrote:

Is there a way to get credit card companies to report accurate balance amounts. I have paid down several cards and the balances reported are no where close to what they should be (about a 20% difference). They are reporting balance payments, but it seems to be some random number and nothing that matches any payment amounts or amounts with added interest. I'm in the process of obtaining a mortgage, so just a few points on my credit score can save me thousands of dollars with a lower interest rate


Welcome to the forums @HeyScooby 

 

The situation you're describing seems implausible since all lenders are required to report the Statement Balance to the credit bureaus.  If you've paid down balances since the last statements were prepared, you would either have to wait until new statements are generated and the new, updated balances are reported, or contact the lender and ask for a mid-cycle report.  However only a few lenders will do mid-cycle reporting.

 

The odds that multiple lenders would just report a "random number" instead of the balance shown on printed or online statements are likely impossible.





Message 3 of 6
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Member

Re: Accurate Balance Reporting

I can assure you that they are not accurate, which is what I do not understand. For example, one updated all 3 bureaus today showing a reported payment of $98 (who pays $98?!?!). I have paid over $300 to them. I have 2 Capital One cards. One reflected a payment last month, as well as this month, but not for the full amount paid. The other card did not update any payment amount last month, but updated with this months payment, so it is reporting a balance of over $500 more than what it should be. It is as if that payment disappeared, as far as credit reporting is concerned. 

Message 4 of 6
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Established Contributor

Re: Accurate Balance Reporting

I agree with @MaizeandBlue that random payments not reflective of the activity on your account should not be reported that way.  Where are you reviewing your reports?  Also, have you checked the "last report date" or " updated as of" date?  Some lenders are behind with their reporting and for example if your May balance should have normally reported by now yet the credit report shows last updated April, then the lender is probably behind, but I've not found this to be an issue with Cap 1.

 

Other than a faulty reporting program or late reporting I can't imagine why or how balances would report anything other than your statement balance for that period, which is once a month with Cap 1.

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Regular Contributor

Re: Accurate Balance Reporting

  • The payment reported on the CR is  the  "Minimum payment due", and has nothing to due with the actual payments you made.
  • As far as I know, Capital One always  reports the statement balance. So the balance on the CR should be the  balance on your statement. Sometimes  updates are delayed, so the balance could be the balance on your previous statement. 
  • Did you compare the reported balance with the balance on your statement? Maybe some of your payments were to late to appear on your current statement.
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