How long does it take to get credit file updated?

[Anonymous]

I just received a letter from a creditor stating that they were correcting an account.   How long does it take for the credit agencys (EQ, EX, TU) to enter the updates to that it shows on my credit report?

[Anonymous]

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TheNewWorldMan wrote:
Remember that credit bureaus use different methods to receive and process good versus bad credit information.

Information that would negatively affect your credit rating--like a late pay or charge-off--is instantly beamed from the creditor to the agency via Department of Defense 256-megabit fiber optic lines and written to their servers in 8.6 milliseconds.

Information that would positively affect your credit rating is scribed onto scrolls in special ink by Gregorian monks, which are then painstakingly illuminated. The Credit Scrolls are then placed onto camel caravans which wind their way to the credit bureau headquarters by way of Marrakesh, Dubai, and Tripoli. Once the caravan reaches Equifax, Experian or TransUnion, the scrolls are then laid out in the sun for a week so that the special ink can be read. (Note that the weather around the credit bureau headquarters is notoriously gloomy, like FICO itself, so finding seven consecutive days of sunshine can be quite an ordeal in and of itself.) Only then can the information finally be encoded into your credit files...

[haulingthescoreup]

First the CA really has to send it to all three CRA's, and it might not be in any particular hurry. Then each CRA has to enter the info. It used to be that for me, EX would update the day or day after info was submitted, then TU a day or two after EX, and then finally EQ up to a week after submission.

But numerous posts here have said that TU is in some sort of update coma. They haven't updated a single one of my accounts since New Year's Eve.

I have read of updated positive CA info appearing within days, but also of it taking weeks. Good luck with yours!


edit: cripes, that's true, I'd forgotten about the monk - camel - scroll thing...

Message Edited by haulingthescoreup on 01-21-2008 07:44 AM

[Anonymous]

Hahahahahahaha. Thanks for the post Timothy. I needed a good laugh this morning.

An all time favorite!

twt, I paid off a cc after running it up during Christmas shopping in December. PIF Dec. 20, and it's still reporting the high balance.

I usually(ugghhhh) give a ccc a max of 60 days to update my CR's before I'm on the phone with them.

But that's just me. Take it with a grain of salt.

[Anonymous]

Thanks for the laugh.  I do believe the new world man is correct...especially with EQ.

[Anonymous]

omg timothy! you are too funny!

[RobertEG]

I also loved Timothy's well written cynicism.  And I think there is more behind his comments than just humor.  Credit card companies live by, and love, the promptest possible reporting of any late, for it allows them to immediately, under all their CC agreements, terminate any existing low, introductory, or balance transfer rates, and jack them up to the default rate. Rates that, if offered on the streets, or by other lenders, would send people to jail for violating usery laws.  But they are exempt. So its instantaaneous money in their pocket. However, they gain no economic advantage from reporting continued, good, current credit performance.  So one would not simply be cynical in assuming that their reporting puts emphasis on the lates, and not the goods.

It's capitalism, my friends, and capitalism has its proven profit methods of scribing the good and bad entries to make the books fatter!