EQ WHY RU NOT UPDATING -- TD BANK

[Anonymous]

idk if its just me, or.. what the BEEP has been going on with thesee bureau's. Transunion takes sometimes 1-14 days, experian is like overnight-3 days, EQ takes a week sometimes.. Now I noticed TD hasn't reported for 22 days with the updated balance.. hopefully they report on the next **bleep** statement so i dont have to call TD and say can you please update this **bleep** bureau for me because their not doing their job (clearly TD is doing their job and reporting if Experian and TU got the update/memo). No i havent had my coffee yet, but its just so annoying when literally these CRA's are REQUIRED to follow the Fair Credit Reporting act and every **bleep** update is eletronic via E-OSCAR???? if they use that but still, eletronic. . . . . . If an Exec from Equifax is watching, get yo !!! together. Ooh, I Feel better now. But really has anyone had an experience like this with EQ where they dont report for a whole statement? i really dont want to have to call the bank and be like yeah..can you please re-update this , if their just gonna simply reupdate next statement. This is not a one off. The CRA's got some stuff going on with reporting they need to fix and make sure they update when the creditor sends a **bleep** update. I know some 'lag' which is 'fine' but this has been almost a month and EQ didnt update so im not holding my breath, until next statement in about a week. / rant over

[JoeRockhead]

Why don’t all three credit bureaus update at the same time?  Because they’re not in some synchronized credit score dance.  Each bureau,  Equifax, Experian, TransUnion runs its own show.  And... we're talking about EQ here.  Likely the least used bureau of the three, and easily the most dysfunctional, and frustrating at times.

Here’s the reality:

1. Lenders report on their own schedule. Some more frequently, but most issuers report once a month, but on different days to each bureau. They don’t coordinate with each other, and they sure don’t coordinate with the bureaus.

2. Bureaus are independent. They maintain separate databases and don’t automatically sync with one another. Each processes the data when it arrives.

3. Processing takes time. Even after a bureau receives the info, it has to verify and post it to your file. Those processes differ across each bureau.

The upshot:  you’ll often see reporting show up on one bureau while the others are still catching up. It’s annoying, it’s normal, and it should be expected.

Moral of the story:  Don’t panic, or let it upset you if your score moves on one report and not the others. They’ll all get there eventually,  just not at the same moment.

Welcome to the forum!

[TrapLine]

@JoeRockhead 

Following on your post, US Bank reports credit products (credit cards and personal lines of credit as an example) separate from their banking credit products (like Ready Reserve). Ususally I will find the credit products reported a couple days different from the banking products.

Note, in the past US Bank has always used what ever balance existed on the last Business Day of the month. We are now finding reporting that does not follow their past established practices (my experience with US Bank reporting starts back to 2012).

[Anonymous]

It doesn't take 3 months to update an account. or for the CRA to process and verify the information after a statement cuts.

[Anonymous]

this is probably their norm, dont they have a new CEO? I noticed this too. Which is fine if so we have to adapt. But the thread here is the fact that statements are being cut, sent to CRA's and usually its updated IMO in 2-3 days MAX. Im having the same issue as OP. My account hasnt reported since July, and its open, used, in good standing on equifax, but the other 2 have been reporting it correctly and in a timely manner.