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Overdrafts and CRAs
seriousDFW
Posts: 405 Forumite
I've been thinking...
If I use my overdraft every month but I don't go into it until about the 20th, so I'm in credit for the first 2/3 of the month and in overdraft for the last third, it would appear I use my overdraft regularly.
However, if my bank reports to CRAs every month on or around the same day, it will either be presented that I'm always in credit or always overdrawn, depending on whether the reporting date was before or after the 20th.
Is this how it works or is the system more sophisticated than that?
I should say that I do use my overdraft like this normally because at the start of the month I do a 'zero sum' budget where everything is accounted for, including money sent to pay off CCs and money into savings accounts, so anything extra (never usually more than about £50) goes into my interest-free overdraft and our salaries take us back up to about £3,500 for the start of each month.
I'm just a bit horrified if the reporting date were late in the month, it would look like we were always overdrawn, which isn't true.
If I use my overdraft every month but I don't go into it until about the 20th, so I'm in credit for the first 2/3 of the month and in overdraft for the last third, it would appear I use my overdraft regularly.
However, if my bank reports to CRAs every month on or around the same day, it will either be presented that I'm always in credit or always overdrawn, depending on whether the reporting date was before or after the 20th.
Is this how it works or is the system more sophisticated than that?
I should say that I do use my overdraft like this normally because at the start of the month I do a 'zero sum' budget where everything is accounted for, including money sent to pay off CCs and money into savings accounts, so anything extra (never usually more than about £50) goes into my interest-free overdraft and our salaries take us back up to about £3,500 for the start of each month.
I'm just a bit horrified if the reporting date were late in the month, it would look like we were always overdrawn, which isn't true.
DFBX2013: 021 :j seriousDFW £0 [STRIKE] £3,374[/STRIKE] 100% Paid off
Proud to have dealt with my debts.
Proud to have dealt with my debts.
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