Credit Report - Balance incorrect

JDC14

I've noticed today whilst looking at my credit report (through middle and ClearScore) that one of my credit card balances has been reported at approximately £400 lower than the true balance.

I've just been accepted for a new 0% CC so I'm not worried it's adversely effecting me - but should I be contacting the card company to correct this?

Ultimately I'm looking to close the card with a balance transfer in the coming weeks anyway - but in the interest of accuracy and honesty should I bother mentioning this or is it completely insignificant?

[Deleted User]

It depends at what point they are reporting it.

I wouldn't be concerned.

YorkshireBoy

Credit report financial information can lag by 2-3 months in my experience. Lloyds used to be particularly bad for this.

Also bear in mind the day (in the month) they submit the data, ie might not be statement date, but 1st of the month, last Sunday in the month, etc.

Shakin_Steve

We opened a joint Tesco bank account over a month ago. Experian is showing the search but not the bank account. My credit card balances are always 1-2 months out of date.

Ben8282

As the balance is showing as lower than the true balance, then what are you concerned about? Why do you believe this is having an adverse effect?
Although the statement periods on my credit report are at least 2 months behind, the balances (not the statement balance but the balance as at the reporting date - top line on Experian credit report) tend to be more recent and 2 months out from the statement period being reported. My problem is that my main credit card, on which I spend about £2k each month and pay in full every month by direct debit, appears to report the balance around the day before the payment due date, therefore reporting a balance of almost 2 months spend (i.e. the maximum possible balance they could report in the statement period). The 'balance' reported does not ever correspond to the actual balance on the alleged 'last updated' date shown on the credit report. As far as I am concerned I am debt free (except mortgage) but these 'balances' make me appear quite heavily in debt. Of course, the situation can be avoided by paying a few days earlier than the payment due date, but that rather defeats the purpose of having the full balance direct debit in the first place. It seems to be a choice between pay manually a few days early, loose a bit of interest on my money and have a low balance reported or let the money stay in the account, wait for the direct debit to be taken and have a high balance reported. Remember, it is these balances, not the statement balances, which are used to calculate the utilisation %.

Shakin_Steve

That's true, but you can delve down into the payment history to show that you are settling in full each month.