Lending Club Not Updating Balances

[Bmac66]

I took out a $5k personal loan with the Lending Club back in July.  They've reported the installment loan and $5k balance to all 3 bureaus but have yet to update a current balance after making 3 payments.  Once they report it aren't they required to keep it current?  

[Bmac66]

Called Lending Club. Going to update today supposedly. At first they said I should contact all 3 bureaus and file a dispute. I said think again. That's your responsibility. If you're going to report the loan then you're responsible for keeping it accurate. It's the law. I was put on hold then told they bureaus would be updated today. that's what I thought. 

[Anonymous]

First, there is no requirement to keep the reporting current. Second, yes, Lending Club is slow. I took out a loan in March, and it didn't first report until May. Last reported on mine right now is 7.31. Paid it off a month last month and called them asking them to update. Still hasn't.

[Bmac66]

According to FTC website, all creditors are required to keep current. 

[DaveInAZ]

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@Bmac66 wrote:

According to FTC website, all creditors are required to keep current. 

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Yeah, but "current" is open to discussion. If it makes you feel any better Prosper is also very slow to report. I sent them a secure message complaining about it and they replied with something vague, like the report the previous closing date balance on the 20th of each month. Then they were still reporting the Dec 2014 balance well into March this year, complained again and they blamed it on a software upgrade. I paid it off in mid April and it took until June for them to finally report that. Just seems like most of these peer-to-peer lenders are slow to report, after your initial loan.

[Revelate]

USAA used to report the updated balance every 3 months on my old loan with them.

It ain't no big deal, installment utilization isn't calculated like revolving in terms of small changes making non-trivial differences.  This really isn't anything to be worried over. 

[RobertEG]

The relevant requirement is FCRA 623(a)(2).

Under that updating requirment, when a party furnishes information to a CRA, they are responsible for promptly updating that information when necessary to maintain its current accuracy.

No specific time period in days, weeks, months, etc., is specified, and thus when they must update is subject to a reasonable interpretation of what is prompt.

In my opinion, promptly would be in their next regular reporting cycle of information ot the CRA.

That is a very lenient interpretation, as it imposes no requiremnt for special updates other than they normal procedure.

If they report monthly and several reporting cycles have passed, a reasonable intrpretation of prompt would not be met.