Do lenders have access to more up to date figures?

Hanger_boy89

For example, when looking at your debt on your credit file, do lenders have access to more up-to-date figures as opposed to what we can see on our credit reports? Or is it exactly the same?

kingstreet

It's more likely to be less up to date, as lenders can't see in real time and often only take their data feed from their chosen CRA(s) once a month.

That's why we always ask clients for their last three credit card statement balances because if you assume the lender is a month behind, you can often find card issuers are a month or two behind as well.

We would enter the highest balance in the last three months and indicate it is to be repaid on completion even when the card balance is repaid in full each month.