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Auto Loan Has Not Reported Payment to CAs for July Yet

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Contributor

Auto Loan Has Not Reported Payment to CAs for July Yet

I have a Cap One auto loan.  I've only had it for four months, a few months of reporting.  Every month it has reported my  monthly payment and balance on the very last day of the month.  I pay my monthly payment weeks early and pay extra on principal.  My payment is due on the 8th of the month, but I pay it  much earlier than that.   It is now the 3rd of August and Cap One has not reported my July payment or balance.  I called them on August 1st, and the rep said something about it takes a couple of days to gather the info and report.   I told her they have consistently reported the last day of the month and it shows up on Experian that same day.  She had no answer for why that didn't happen this month.  Now here it is two days later, August 3rd, and nothing.   It makes me nervous not  seeing July checked as paid on there.  I paid my August 8 payment weeks ago, but I don't expect to see that on the CR until August.   So I understand that wouldn't be reflected. 

 

 I was hoping to see my scores rise by the loan balance being almost $1,000 less, with my principal payments added in.

 

Has anyone else had this reporting problem with a Cap One auto loan?   I would call again today, except it's Saturday, and I can't. But I fear gettng the same canned answer.  

 

 

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Valued Contributor

Re: Auto Loan Has Not Reported Payment to CAs for July Yet

You need to exercise some patience.

 

Also, its unlikely that an account reports to the credit bureaus, and that information is published by Experian the same day.  It usually takes about 27 hours at minimum because of how the bureaus batch process the information they receive.  Creditors usually upload account information at 12 midnight Eastern Time and the credit bureaus release their information at 2 a.m. Pacific Time.  But because of batch processing delays, it takes a few days for the bureaus to release updates.  Experian is usually the quickest and it still takes at least one day before they release updates based on the latest information they get from creditors.





Message 2 of 4
Contributor

Re: Auto Loan Has Not Reported Payment to CAs for July Yet


@MaizeandBlue wrote:

You need to exercise some patience.

 

Also, its unlikely that an account reports to the credit bureaus, and that information is published by Experian the same day.  It usually takes about 27 hours at minimum because of how the bureaus batch process the information they receive.  Creditors usually upload account information at 12 midnight Eastern Time and the credit bureaus release their information at 2 a.m. Pacific Time.  But because of batch processing delays, it takes a few days for the bureaus to release updates.  Experian is usually the quickest and it still takes at least one day before they release updates based on the latest information they get from creditors.


Well, my patience is now gone.   Now it is August 8th, and  Cap One still hasn't reported my July payment to the credit bureaus.  I called yesterday and the representative was very surprised.  She said the auto loans do get reported the last day of the month.  She sent an email to some department bringing it to their attention that my July payment has not been reported.  But no change today.  We'll see.  I pay around three weeks ahead of due date and extra principal.  I can't imagine that paying on June 15 for a July 8 (due date) payment and a couple of principal payments (and paying my August payment early and more principal payments) could throw them off for this to happen.  It shows clearly on my online account I am paid through until my September payment due date.

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Established Contributor

Re: Auto Loan Has Not Reported Payment to CAs for July Yet

I was having this issue with my auto loan from Honda Financial Services. They consistently reported from the moment I got the car in October 2018 up until April 2019 and then they just stopped. They finally reported all my payments for May, June, and July. So sometimes it can just take few months. Is there a specific reason you need them to report the payments? I mean, I get that you want your report to be accurate, but I myself didn't mind them missing for a few months. I knew they'd get reported eventually and that it can just lag at times. 

 

Ok nevermind I didn't read the part about you wanting to see what making $1,000 payment did to your score. Either way, just be patient! It'll get reported. Heart

I’m probably never finding that garden everyone keeps talking about.



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