Delay time from creditor reporting new balance to new balance showing up on credit reports...

[Anonymous]

Hello!

Is there ever a delay between the time a creditor reports a new statement balance and the time it shows up on your credit reports? (TransUnion, etc.). I have a Syncrhony Bank credit card for which they are telling me my statement was generated on 3/15, and that my new balance was also submitted to credit agencies on that date. However, none of my credit reports have updated to reflect the new balance as yet. Is there, sometimes, a delay between the time a credit card company reports a new balance to the credit agencies and the time it actually shows up on said reports? How long should I wait before opening a dispute?

Thanks!

[thornback]

Hi Voyager,  welcome to the forums!

Yes, there is a delay between lender reporting and bureau updating.  Usually, anytime between 2-5 days depending on the bureau -- but I've experienced delays as long as 2 weeks.    In my experience,  Experian is always the fastest - within 2 days, followed by Equifax a couple of days later, and Transunion is just always slow -- usually a week after the other two.   

And disputing such a thing is usually pointless as the entire dispute process itself can take up to 30 days -- and by then, the card is ready to update the next statement balance.   If you feel an update is taking too long, your best bet is usually to contact the lender and ask that they re-report.  

[RicHowe]

How are you monitoring your credit reports? If you are using any of the free services (Credit Karma, Credit Sesame, Wallet Hub), they only pull your TU Vantage score once a week, so you would not see any balance update until they refresh their soft pull of your TU report. If you are using a service that offers "real-time" daily FICO scores (MyFico, CreditSecure, Experian Premier), your balances will update as soon as it is reported. For example, my AMEX Delta Platinum card closed on the 15th and Experian showed the new data as of the 17th. In general all bureaus are updated within 2 - 5 business days from statement closing.

[thornback]

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@RicHowe wrote:

How are you monitoring your credit reports? If you are using any of the free services (Credit Karma, Credit Sesame, Wallet Hub), they only pull your TU Vantage score once a week, so you would not see any balance update until they refresh their soft pull of your TU report. If you are using a service that offers "real-time" daily FICO scores (MyFico, CreditSecure, Experian Premier), your balances will update as soon as it is reported. For example, my AMEX Delta Platinum card closed on the 15th and Experian showed the new data as of the 17th. In general all bureaus are updated within 2 - 5 business days from statement closing.

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WalletHub pulls a new TU report daily, so you can see as soon as Transunion updates balances. 

MyFICO does not pull daily reports / scores and is certainly not 'real-time'.  it monitors changes, supposedly, on a constant basis - however, alerts to changes - such as balances - are often delayed by a day or two.   Reports are only pulled either monthly or quarterly, depending on your membership subscription; unless you purchase a new report in between scheduled report dates.   Scores (FICO 8 only) are updated whenever an alertable event occurs.   Your scores may change, but if no alertable event occurs, myFICO will not notify of you that score change. 

[MakeItAMudLight]

I have two Synchrony accounts that haven't updated this month yet that normally would have updated over a week ago.  Anyone else seeing this?

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[FlaDude]

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@MakeItAMudLight wrote:

I have two Synchrony accounts that haven't updated this month yet that normally would have updated over a week ago.  Anyone else seeing this?

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Per CK, my Lowes account shows it updated 3/4 with EQ, but has not updated on TU this month.

[Anonymous]

Synchrony is impossible to figure out their reporting. I have had them report multiple times in a month and now this month its been 8 days since my due date and they still haven't reported. 

I use WalletHub for the daily TU updates and nada for my PayPal or Amazon card (Amazon doesn't have a balance but it does have a due date a day earlier than my PayPal).

[Anonymous]

My statement date was the 15th. As of today neither TransUnion nor Experian are showing my updated balance from my Synchrony Card. I've been reassured by Synchrony customer service that they do, in fact, report my balance to credit agencies on the my statement date (3/15), and to wait 7-10 days for it to appear on my credit reports. The credit agencies with which I spoke all informed me that the system is electronic, so when they receive updates they are basically immediately visible on their end. So the question remains...what's inside this "black box" of report timing methodology...

[Anonymous]

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@Anonymous wrote:

My statement date was the 15th. As of today neither TransUnion nor Experian are showing my updated balance from my Synchrony Card. I've been reassured by Synchrony customer service that they do, in fact, report my balance to credit agencies on the my statement date (3/15), and to wait 7-10 days for it to appear on my credit reports. The credit agencies with which I spoke all informed me that the system is electronic, so when they receive updates they are basically immediately visible on their end. So the question remains...what's inside this "black box" of report timing methodology...

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Synchrony may have told you that but they are very well known for delayed reporting, multiple reports in a month, reporting when you get above a $0 balance on a card you hadn't used for awhile, and reporting new accounts lightning fast.

Its not possible to figure out Synchrony's reporting but since a number of people have been complaining about delayed reporting lately, they may be having issues right now.

I also noticed that you mentioned using a dispute - definitely don't advise you to do this. Just give the account time to update. A dispute is for incorrect information, not for getting an account updated.

[Anonymous]

Thank you for the information.

Synchrony customer service is asking that I wait 10 days from my statement generation date for the information to update. If, at that time, my balance has still not updated with credit agencies, they will create a request with their internal team to report the updated balance.