Will Credit Reports ever reflect "current" situations?

[StriderM99]

I just pulled my EQ credit report using my last free report on this site, and it got me wondering...

With today's advances in technology, especially with everything readily avialable at your finger tips on the internet, do you think credit reporting agencies and beurau's will ever speed up their postings of your current account activities?

My Equifax report says I have a total revolving debt of  about $3500... this is a combonation of 3 credit cards ($0, $0, $500ish) and an account I opened in April for LASIK eye sergeory ($2975)

So.. for example, my LASIK account... even though I wont ever again use that account, I understand it is hurting my utilization ratio because it's currently stating I have a balance of $2975 on a credit line of $9000.

I pay $175 a month on that account. Its a 0% interest account for 24 months. My payments were $148 a month for 24 months, but I increased the payment myself to insure that I wouldn't be caught in any shady "end of promotion b.s" and get nailed with any deferred interest.

On Aug. 2nd, I paid $175, bringing my account balance down to $2800. On Aug. 30th, I made a payment of $2800 and paid off the entire account, then had it closed (underwriter's request while applying for a mortgage). It's now September, and my balance, as of today, still states $2975 on my credit reports.

I fully understand they wait till the end of the billing cycles to update any reports, but that's where my curiousity stems from.... is it so hard to put a system in place that could possibly update or report a little faster than waiting 30 or sometimes 60 days before letting anyone know of any updates with the accounts? On Friday we had to get on a 3-way call between myself, the bank I had my LASIK account with, and someone working on my mortage file, just to verify over the phone that my account was in fact paid off, and that it was requested to be closed.

With that being said, all of my credit cards also have $0 balances as well.. Chase reported a $500ish balance just a couple of weeks ago... I have "autopay in full each month" selected on my account... Well, my account was due on the 15th, statements end on the 19th...  I recieved my statement and saw it reported a $500ish balance??? Thinking that isn't even possible, I went on the website, and sure enough, there it was.... for some reason they didn't take my payment as I've elected... So I called customer service, paid it off in full and tried to get to the bottom of why it wasn't paid off and reported as $0... The rep didn't sound too sure, but kept dismissing it by telling me there's nothing he can do anyway. It'll be on there until the next statement posts.

When I click the auto simulator and remove the supposed $3500 in revolving debt (that no longer exists), my possible score jumps from 690 to 710.. I know it's a waiting game, so all I can do is sigh, I guess.

[RobertEG]

The cost of updating each consumer file at the time of each and every change in an account status, such as derogs, balances, etc, would be staggering for the creditors, and would overwhelm the CRAs, which already receive millions of monthly reports.  Thus, reporting is consolidated for all accounts, usually monthly.

I presume that your Lasick account was an installment account, with a set initial amount of credit, and fixed monthly payments.  I dont see it as a revolving account where they provided a limit above the initial principal amount of the account, and provided your discretion in use of that additional CL on a revolving basis.

Percent due on an installment account scores much, much lower than % util of revolving credit. It may not be having much significance.

[StriderM99]

For whatever reason, when I applied for the 0% interest account for my LASIK, they approved me and gave me a credit line for $9000, even though I only needed $3500. I thought it was odd, but never looked into it. It shows up as a revolving account... On my report it says I have a $9000 limit with one initial purchase of $3500... Currently with a $2975 balance (technically now $0 and closed).

As for the millions of daily updates, I see your point... however.. banks have managed to figure out a system that keeps their records current, and I beleive they have just as many, if not more, activity on their hands daily. It doesn't really affect me, so I'm not complaining... I was just wondering if it would ever be possible. I guess depending on all parties to update and respond daily would be an additional headache as well.

[bettercreditguy1]

Yes, we all want "realtime results." However, sometimes, especially in the financial /banking realm the delay is more beneficial to the credit holder. One example could be like, "Joe missed his car payment due today" so financial institution reports it late at midnite tonight. However, "joe made his payment in the night drop or the ATM. Those transactions do not post till next bus day even though they are in a vault or machine. Could open up lot's more headaches for the institution.