How often do credit ref agencies update their records?


T

Trust No One®

Hi Folks,

I understand that credit reference agencies such as Experian and Equifax
keep tabs of credit card balances amongst other things.

Now I'm coming to the end of my Egg anniversary 0% offer and I've paid off
the balance of 10K,languishing in a high interest account for the last 5
months, just this morning :)

Now the complication is that I wish to take out a car loan later this month,
and an outstanding credit card balance of 10K would I'm sure count
negatively against me when the loan issuer does the usual credit checks.

Given that I paid the balance off this morning the credit card balance will
probably be cleared by Tuesday next week. Does any one have any idea when my
credit records will be updated to show there is no longer a 10K balance on
the Egg card? Do the CC companies send the updated info to the credit
reference agencies straight away?

tia
 
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J

Jonathan Bryce

Trust said:
Given that I paid the balance off this morning the credit card balance
will probably be cleared by Tuesday next week. Does any one have any idea
when my credit records will be updated to show there is no longer a 10K
balance on the Egg card? Do the CC companies send the updated info to the
credit reference agencies straight away?
They update once a month usually.

The loan may not count against you.
 
J

John Redman

Trust No One® said:
Does any one have any idea when my credit records will be updated to show
there is no longer a 10K balance on the Egg card? Do the CC companies send
the updated info to the credit reference agencies straight away?
I am fairly sure this depends on the company and the agency. I don't think
it is instant - I believe they do monthly runs. If you request your own
credit file from Experian at weekly intervals not much seems to change.
 
A

Alex

At 01:43:37 on 10/02/2006, John Redman delighted uk.finance by announcing:
I am fairly sure this depends on the company and the agency. I don't think it
is instant - I believe they do monthly runs.
Which works sort of like the interest-free period on a card. It may take up to
2 months for the CRA record to be updated depending on exactly when the
account's marked as inactive (they're not actually closed for a further year or
so) and when the monthly run's due.
 
B

BrianW

Jonathan Bryce said:
They update once a month usually.

The loan may not count against you.
Probably correct, but a few years ago my wife started buying clothes from
catalogues, returning most of them, querying the subsequent bill, and ending
up being flagged as "late payment". The catalogue companies were owned by
GUS - who also own Experian. Although the Experian record shows that the
last late payment was in 2003, the record also says "four code 1 entries
within the last six months" - patently rubbish. I would advise you to take
advantage of Experian's offer of a free month's trial to see what they have
held against you. If you see anything untoward, complain.

BTW you will get a "code 0" every time you pay off the balance in full. (0 =
"no problem" up to 3 = "avoid like the plague".)

Brian
 
J

John Redman

BrianW said:
BTW you will get a "code 0" every time you pay off the balance in full. (0
= "no problem" up to 3 = "avoid like the plague".)
Not sure that's true. 3 = 3 months late paying, but if everything else is
peachy, that should be OK. What they really hate is apparently a 5 or 6 -
serious, persistent default. Or so the Nationwide once told me.
 
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T

Tim

Although the Experian record shows that the last
late payment was in 2003, the record also says
"four code 1 entries within the last six months" ...
That'll be "... within the last six months up to date a/c closed".

... - patently rubbish.
Did she close the a/c just after the code 1 entries,
or did she wait 6-12 months before closing the a/c?
 
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J

Jonathan Bryce

BrianW said:
BTW you will get a "code 0" every time you pay off the balance in full. (0
= "no problem" up to 3 = "avoid like the plague".)
You get a code 0 every time you make the minimum payment by the due date.
 

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