@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)
@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.
@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..
@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.
@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.