Hello. 
I have pretty crappy credit and have just started working on getting my credit score to improve. Well, I got approved for a car loan in September 07, and have made all payments on time every month. When I looked at my credit report, Wachovia hasn't reported to the bureaus since October and November. Nothing since then. Aren't they supposed to report every month? Also, I called them, and they said that their records show that they've been reporting every month, that the bureaus just aren't updating. I'm confused here. Can someone help me out? Thanks!
Carlee
Hi Carlee, welcome to the forum!
You are saying that the Wachovia hasn't updated since November??? That is odd. It's not updating on any of the 3 credit reports?
I know that sometimes CRA's are slow to report....like 2 and 3 months behind but not this far behind!
Sorry I can't help you, but perhaps others will chime in and offer their opinions.
You are saying that the Wachovia hasn't updated since November??? That is odd. It's not updating on any of the 3 credit reports?
I know that sometimes CRA's are slow to report....like 2 and 3 months behind but not this far behind!
Sorry I can't help you, but perhaps others will chime in and offer their opinions.
Thank you. I'm so glad I found this site.
I'm so glad I found this site.Yes, nothing has updated on the reports since October and November. One has October and the other two have November.
Message Edited by pnl4evr on 02-22-2008 07:37 AM
Message Edited by pnl4evr on 02-22-2008 07:37 AM
Lenders are required to report at least quarterly. And I've had a few late payments in my day * sigh *, and the lender keeps updating monthly afterwards. So this sitting on things for three months, waiting for positive status, doesn't sound very convincing to me.
I'd get on the phone PDQ with Wachovia again, ask to speak to a supe or someone who can actually look at the reporting history on your account. and ask for the exact dates that the most recent payments were reported to the CRA's. If they say something like, "We update every Friday," keep asking for supes. Someone can pull your file and see the true dates.
Once you have these dates, I would go online and dispute with the CRA's, using "incorrect balance" as the reason. (After all, your balance should be lower by now.) If there is a place to enter text, enter the dates that Wachovia says that they reported. And if there is an option for "not updated" or something, you can try this too. And
BTW, when you call Wachovia, I would recommend that you act as if you believe that they've been updating. I've had to do this with a J.Crew card that just won't update, and it's very true that you can catch more flies with honey than with vinegar.
In the end, you'll never know for sure who's dropping the ball, although with the info missing from all three CRA's, that indicates to me that it's the lender. As long as you can get the info onto the credit reports, you win.
I'd get on the phone PDQ with Wachovia again, ask to speak to a supe or someone who can actually look at the reporting history on your account. and ask for the exact dates that the most recent payments were reported to the CRA's. If they say something like, "We update every Friday," keep asking for supes. Someone can pull your file and see the true dates.
Once you have these dates, I would go online and dispute with the CRA's, using "incorrect balance" as the reason. (After all, your balance should be lower by now.) If there is a place to enter text, enter the dates that Wachovia says that they reported. And if there is an option for "not updated" or something, you can try this too. And
BTW, when you call Wachovia, I would recommend that you act as if you believe that they've been updating. I've had to do this with a J.Crew card that just won't update, and it's very true that you can catch more flies with honey than with vinegar.
In the end, you'll never know for sure who's dropping the ball, although with the info missing from all three CRA's, that indicates to me that it's the lender. As long as you can get the info onto the credit reports, you win.
@Mn_Vikes wrote:
It's a fine system that they can lag/delay updating payment records and we just have to live with it. But if the consumer lags on the payments, they get dinged on CR.
Isn't that the truth?????
Lenders and CRA's have so much control over our credit, and over how we appear to other lenders, as well as employers, insurance companies and others who access our credit reports. (And yes, I know and completely agree that we screw it up very well ourselves. I'm talking about their failure to do their jobs properly.)
There is a "Credit Card Holders' Bill of Rights" in Congress (H.R. 5244), but in my experience, very few representatives know or care much about consumer credit from our perspective. Here's an article about the bill from the msnbc site:
http://www.msnbc.msn.com/id/23259179/
I hope that people will start writing and e-mailing their senators and reps to begin educating them on the impact that sloppy reporting has on us. (Nicely, now!
Don't know who they are?
House of Representatives: http://www.house.gov/zip/ZIP2Rep.html
Senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
This site is supposed to be non-partisan, and it also lists your state people, FWIW:
http://www.congress.org/congressorg/home/