Advice please; when will my credit report be updated ?

dipster61

Any help greatly appreciated on this matter.

I applied by phone to Tesco for a top up loan. Initially I was told this was being referred, but the next working day someone from Tesco rang me to say the loan had been approved in principle.

I was absolutely honest about my financial commitments with the opearative from Tesco Bank, but on being referred I thought I would check my statutory credit report with Equifax. Apart from a late payment in 2006 it was all OK. However it was not completely up to date, my HP agreement for my car showed a small balance even though the final payment was made last month, more worryingly two credit cards still showed a balance of nearly £10,000, even though I'd paid them off completely a couple of weeks ago, and both now have zero balance. I don't want to fall at the final hurdle because my credit report does not match what I told Tesco (which was in fact all true at that point)

so...when will my credit report be updated ? do I have to wait until my current billing period ends? I am wondering whether to defer sending my signed papers back. At what point in the process do lenders check the credit report ?

Is there any way I can have my credit report immediately updated ? perhaps my subscribing to one the expensive credit reference schemes that the likes of Equifax and Experian offer ?

Is it worth sending a covering letter to Tesco with my signed documents to explain the discrepancy ?

As I said any help or advice would be greatly appreciated, I would love this loan to finally become free of my remaining credit card debt and have a structured repayment plan.

Tixy

Your report is usually updated once a month by each creditor. Its not uncommon for it to be up to 5weeks or so out of date.

You cannot get it updated quicker and paying anyone for anything will not speed it up.

If you find you are refused then you could possibly appeal and ask them if this is the reason you have been declined and would consider your appeal.

KingElvis

Yep, five to six weeks behind is the norm.

The systems are automated to a point but some still need a person to "push the button" to make the update for a particular creditor.

dipster61

Thanks for the advice, Tesco say my quote is good for 30 days so will hold out until hopefully my credit reference is updated at the end of the month.