When does a missed payment show up in your credit report?

redheadrockchick

Does anyone know how often experian updates their credit reports, is it everyday? I had a missed payment yesturday on my loan which i rectified straight away but want to apply for a personal loan maybe today or tomorrow to refinance all my debt and was wondering when this would show up in my report!

Thank you for any advice!

DevonGirl

Not sure exactly but I think it may be that creditors inform the credit agencies monthly, and may take longer than that for Experian to actually update their files, so you should be fine...

redheadrockchick

Hiya

Thanks for your reply!

I can see they last updated exactly a month ago on 07/06 so it might show up straight away now grrrr, although the missed payment was on 06/07, i guess i will have to wait and find out!

euronorris

Hey redheadrockchick,

Most people on here will advise you against refinancing as it will often cost you more, make your debt last longer and there is then the added tempation of accruing new debt on any CC's or overdraft's you have cleared.

Have you tried the Statement of Affairs budget planner, keeping a spending diary, the snowball calculator etc yet?

If you completed your SOA and post here online, you will get lots of lovely people offering help on where to make cut backs.

The SOA link: http://www.makesenseofcards.com/soacalc.html
Snowball calculator: http://www.whatsthecost.co.uk/snowball.aspx

Think about it all before making a rash decision. We're all here to help

gillhammer

I worked in IT for a Financial Services company dealing with loans and credit cards - and for many years one of my team's duties was to provide data to Experian, Equifax & Call Credit. The data was taken as a snapshot of the account on the day the account cycled (ie when the statement was produced - for cards, or when the payment was due for loans). This data was collated and passed to Experian etc once a month (in my company's case we sent a file on the 15th of each month - but obviously other companies would have different schedules), from what I gather Experian etc could then load this data according to their own processing schedules, so it could be a few days later when the file was applied to the live Credit Records. Late payments are not always marked as 'delinquency' it depends on the policy of the company to 'grace days'. Hope this helps...