Can a bank manually update Credit Report on demand?

davidmaiden18183

I don’t know if any of you have followed my last two threads. the first being where I car I bought privately turned out stolen, was seized and returned to the true owners leaving me out of pocket to the sum of £3400

then secondly me discussion amending credit limits on current cards, and closing cards to allow me to get a new one with a healthy credit limit at 0% to allow me to cope with the £3400 loss and finished off the Major DIY on the house which is half way through.


anyway...

I'm having problems with two of the credit cards after waiting a month (on one of them) for them to be settled/have their credit limit reduced.



Despite contacting Tesco on 17th May that card is still not showing settled and thus holds £4000 of the £16000 in total available to me on current credit cards, it still hasn’t shown as settled and pushed through to my credit report freeing me up to get a decent credit limit on a new card

Basically they closed my account and card (card would no longer work and online access shut off) but they hadn’t sent me the £34 I was in credit (they said they would) and because of this my balance wasn’t zero…..the card isn’t classed as settled, and closed and the £4000 it holds as available credit on my report removed. They are now sending me the money owed but it won’t be until end of June that they push the details out to experian.

I lowered the credit limit on Lloyds TSB credit card from £6750 to £500 again to free up credit that another card would allow me. They info me they push the data to experian at the end of the month with the credit data issued on the statement at the start of the month, I narrowly missed the July statement so I face waiting until after the end of July before this is all reflected on my account.

I have effectively £10750 of my available credit on my credit report held on cards and this until this is reflected by the above changes I won’t be able to get a decent new 0% card with a god credit limit. At present my available credit is already slightly more than 50% of my earnings so it’s unlikely any application for a new card will offer much for me if at all.


What I was wondering is it possible to speed things up some way, can I ask the bank to push the details to experian manually, is there a cost for this? Or do I plain simply have to wait nervously with my finances and my DIY in the balance until the start of August after already waiting a month.

Thanks

jon142

BugsyBrowne wrote: »

Banks can't physically adjust your credit report but what they can do is contact the CRA's directly and at this point the CRA's adjust your report accordingly.
How quick they do this depends on how quick the banks want to do it.

Once again bugsy is full of !!!!!!, banks do have the systems to log into exquifax etc and edit the data and update it straight away.

they CAN but don't do it very often as i think the CRA's charge for this instant access service.

jon142

BugsyBrowne wrote: »

This is coming from the Lemon who thinks creation takes in Equifax's own credit scoring when dishing out credit cards :rotfl:

It does... as confirmed by other users.

now who is the lemon?

izools

First off Jon I never confirmed that. In fact any time My other half, mother, or myself have been approved for a Sygma Bank card we've had Equifax scores in the region of 325 ~ 450 and most of them were instant online acceptances

Anyway with regard to the point in hand -

Credit Reference Agencies provide their customers (banks) with the ability to push through emergency updates which take effect on the data subject's credit file within 24-72 hours.

The problem comes in where most lenders don't know that this facility exists, and in the unlikely event that they do have one or two (and it will be literally one or two) people within the organization who do know about this feature, getting it implemented as a customer of the bank is nigh on impossible, as you can be almost 100% certain that the front line staff will either a) think you're referring to something else, b) no know about this feature, or c) lie and tell you no such thing is possible.

Even if you can get the bank to agree than an emergency update is possible it will take so long for your request to get through to the person with the ability to contact the credit reference agencies and implement the change you'd be better off not wasting the effort and wait for the update to happen naturally.

I had this with VM recently placing a default on Experian for an account that was closed and settled with a £NIL balance for over four years. It took four departments, several call backs, several lengthy conversations with people who thought I was talking rubbish, and waiting nearly a fortnight before I found someone who actually knew how to do an emergency CRA update...

davidmaiden18183

Thanks. I don't know if I could really justify it being an emergency. but I am nervous that I have got to wait until 1st August before I am able to apply and get a decent credit limit as it will have been free'd up.

I could try now and before then but i don't want to hinder my credit score, does doing an application for a card and not taking it do much damage?

On experian credit expert I use their tools to show me what I am at present would be offered on a credit card (using your credit report but not doing a credit check), only 5 cards come up, and all bar a barclaycard only have 3months 0% on purchases, I am looking for 12months+

the only one that did that was barclaycard but a measley 1200

stclair

jon142 wrote: »

Once again bugsy is full of !!!!!!, banks do have the systems to log into exquifax etc and edit the data and update it straight away.

they CAN but don't do it very often as i think the CRA's charge for this instant access service.

That is correct banks have an online system to update customers CAIS which can be updated the next day on there credit report.

However as Izools as correctly said not many bank staff will know the service exists unless you work in that area. It might be better to write to the address shown in your Experian credit report if the account reports to them.

bigadaj

Don't know what all the fuss is about, just have a word with bugsy and he'll sort it out, no fuss but with a drink in it.

Cash_Flow

BugsyBrowne wrote: »

Oh well got it wrong this time even on a RARE occasion Bugsy is wrong, but I must stress its RARE!

Thank you

BB

Star Fire we all get things wrong sometimes.

Did your personalty change when you changed names?

You're starting to remind me of NID.

davidmaiden18183

davidmaiden18183 wrote: »

Thanks. I don't know if I could really justify it being an emergency. but I am nervous that I have got to wait until 1st August before I am able to apply and get a decent credit limit as it will have been free'd up.

I could try now and before then but i don't want to hinder my credit score, does doing an application for a card and not taking it do much damage?

On experian credit expert I use their tools to show me what I am at present would be offered on a credit card (using your credit report but not doing a credit check), only 5 cards come up, and all bar a barclaycard only have 3months 0% on purchases, I am looking for 12months+

the only one that did that was barclaycard but a measley 1200

Can anyone shed any thoughts to those questions?