How often do creditors update CRA

Rosylee

Hi

I was eagerly looking forward to looking at my noodle report today as I know balances have come down. But some of the accounts e.g. the mortgage hasn't been updated since 31 July. I suppose I was expecting my creditors to update my figures monthly. On the plus side I have moved from 2 to 3 out of 5. While I know the number doesn't mean much the implication is that my performance has improved. Which is important as I am about to apply for a 0% card...so nervous as I really need one to transfer a balance. Does anyone know how frequently these are update for is there no rhyme or reason to it? How then can this be seen by lenders to be accurate when it is not?. Surely they make decisions not on the score but on the information contained I.e debt actually owed with proper up to date balances and a accounts which have been closed actually showing up as closed. I don't want to wait much longer to apply for a CC as the current interest is killing me but should I even though eligibility checker says I have a 95% of being accepted. Thanks for any advice

andyfromotley

If you are getting a 95% chance of acceptance i would crack on and apply. Its not going to go to 100%.

ashp_2

It seems pretty random to me. Some seem to be updated regularly and others not so often. My bank account is updated monthly but my loan with the same bank dosnt seem to be!! My partner paid of a 3k credit card balances a couple of months ago yet the balance still shows on her report.

Seems like they update them when they feel like it to me!!

Hazzinho

Monthly but if you use a free service such as noddle which is updated monthly then if you time it wrong you may be almost 2 months out of date.

Cycrow

It depends on the creditor and the CRA. Often its monthly, but i've noticed alot of creditors dont send updates to CallCredit as often, sometimes it can be 2-3 months between updates

tomxlisa

I am still waiting for two bank accounts that I opened over a month ago to show on them and two catalogue accounts, seems to take ages.

tomxlisa

Hazzinho wrote: »

Monthly but if you use a free service such as noddle which is updated monthly then if you time it wrong you may be almost 2 months out of date.

On mine it says it will be updated on a certain date, I logged in after this date and I had new information on my file, so what is this timing thing all about, I didn't know there was any trick to it, thought it was juat a matter of logging in after the renewal date.

anna42hmr

I have found that, but can also depend on the load times for the CRA as well.

The banks etc will generally send the data through once a month, but it could then take a few weeks for the data to be loaded, so for example if the data for the mortgage is up to 31 July, then they would probably send data for up to 31 august the first couple of days of September, it could then be a few weeks before this data is loaded on to the report, which is why you may find a time lag on the report.

Cycrow

tomxlisa wrote: »

On mine it says it will be updated on a certain date, I logged in after this date and I had new information on my file, so what is this timing thing all about, I didn't know there was any trick to it, thought it was juat a matter of logging in after the renewal date.

I think the point he was making, was that the noddle report only updates once a month. So say the report updates on the 18th and the creditor updates on the 19th, you will have to wait another month to see that change.

nathan_morris

With regards to some of the later questions in the opening post, and me myself adding some further questions: when a hard search is performed, is this against the balances seen on the credit management reports or "live" in the sense of the balances at the moment of the search?

I'm going to be applying for car finance soon so was wondering whether it would be better to wait until my credit balances have updated, I've recently been informed by my credit card provider that my limit is being increased - something not yet reflected in my Credit Expert report.

Thank you in advance.

anna42hmr

nathan_morris wrote: »

With regards to some of the later questions in the opening post, and me myself adding some further questions: when a hard search is performed, is this against the balances seen on the credit management reports or "live" in the sense of the balances at the moment of the search?

I'm going to be applying for car finance soon so was wondering whether it would be better to wait until my credit balances have updated, I've recently been informed by my credit card provider that my limit is being increased - something not yet reflected in my Credit Expert report.

Thank you in advance.

They will only see the limits that have been reported to the CRA, so for example if the bank increases the limit today, it will not be shown until they next submit the data to the credit reference agency (and also need to account for how long it takes for it to be updated by the CRA).