Credit file update on ending loan

MWAUGH1983

I have paid final payment of my satsuma loan, they appear to update payments 2 months behind. Will the next update they provide show on file as closed?

Is there rules surrounding how payments etc are reported to credit agencies ?

fusionx212

MWAUGH1983 wrote: »

I have paid final payment of my satsuma loan, they appear to update payments 2 months behind. Will the next update they provide show on file as closed?

Is there rules surrounding how payments etc are reported to credit agencies ?

generally it takes 30-90 days to update. dependant on the cra and the company.

it's the companies responsibility to update the credit agency

mwarby

MWAUGH1983 wrote: »

Is there rules surrounding how payments etc are reported to credit agencies ?

There is an obligation to ensure any data they share is accurate.

This however doesn't mean they have to update your data instantly. In general creditors do monthly updates for a given statement month, but the time of the month these are done doesn't tie in to your statement/payment dates

As long as the payments were all made on time, the processing delays should have little impact short term and none long term, credit history wise