Existing Creditors reporting question

[daisyduke]

I tried to ask this question before, but did not word it properly so my fault I didn't get the information I needed.

I have an account with Dell/CIT Bank, they did not update the balance for the month of October....it's the last day of October and they still have not reported my payment which I made in early October...brought my balance low...

Can an exisiting creditor, that has prevously reported on a monthly basis, actually choose NOT report? Are there laws in place that if an existing creditor has the tl, always reported before, now all of sudden, they don't post my payment. wtf.  This is with all the bureaus, not isolated...

All of my other creditors report properly, every month....

 I know they're trying to mess with me...If they posted the payment properly, my utilization would have gone waaaaaaaaaaay down.

TIA for any input/help.

[jackg]

Yes-an existing creditor that has previously reported to CRA's can suddenly choose not to. There are many explanations for this and it happens regularly with a few of my accts., which is why I PIF on line before they report to the CRA's.

In my opinion the reason they do it is to over value the worth of the business.

Good Luck

[daisyduke]

JackG, thanks for the info. it might work out beter for me if Dell/Cit Bank doesn't update. with the late payment I have on this accoutn, i will apply for my auto loan and just dispute it before I apply. same day and everything. gives me a valid reason to dispute. I would not dispute if information was accurate. but now...

[Anonymous]

Has this account always reported the same month? I ask because most of my accounts report two weeks into the next month, for example my cap one card will report my October payment on the 10-14 of November, so it could just be it hasn't posted yet.

[daisyduke]

Yes, Dell/CIT bank has always posted each month. They didn't post my payment this month. It would have helped me because the account is closed and I owe money on it, so it directly affects my utilization.

I have been following my credit since april of this year....they have always updated. they cashed my check but didn't report to any of the bureaus.

Now I think this could be a good thing...if they continue not update with the bureaus, then I will just dispute "incorrect balance", the entire account will be taken out of the FICO scoring equation, which will benefit me since I have  like 5 late payments.

[boireann]

If I pull my reports on the last day of the month, I've noticed that none of my creditors have updated any payments made that month.  But if I wait until the 5th-7th day of the new month, then I'll see all the updates from each of them through the last day of the previous month.  I've learned to wait until the 7th to pull my reports now.

I know my main credit union doesn't post the updates until the 3rd of each month.  Very frustrating when you want to see any score increases ASAP!

[haulingthescoreup]

CIT has declared BK. A poster on another thread suggested that they aren't updating in order to make themselves look more profitable on their books (more AR, I guess.)

Don't know if that's true, but there seems to be an interesting temporal relationship between the change in updating pattern and the BK.

[daisyduke]

Thanks hauling for the information. Seems like the planets are lining up for me. I will have a valid reason to dispute the account (my only acct with five late payments) right before I buy my car. Good for me, not for shareholders. I now hope they don't update my account...i hope they continue to screw it up. they did update only on EX but marked the account as open again. Which it isn't. But I will not dispute it now. No reason to...not just yet.