Credit Report Out of date

DCFC79

Elson_Cj wrote: »

Hi Ben,

It’s the same for every CRA I have checked, they all have both our old addresses and not our new one? It was back in December regarding the ER!

The lender is Leeds who I have contacted and it’s not such a bad thing no but curiosity as to why led me to post

The agencies don't get updated that quick, could be end of the month before its done.

SaiK86

Hi all,
I wanted to re-open this discussion on out of date credit reports. Why is that the credit reports continue to be out of date up to 3 months when viewing on the free credit agency websites (MSE, Clearscore, Credit Karma)? I am looking to apply for a mortgage soon and would like them to be up to date (especially if I have paid huge chunks off my credit cards to reduce the balance and utilisation rate). Are the dates and actual data from the free websites far off from their respective source CRAs (i.e. Experian, Equifax, Transunion)? Will the lenders look at and accept print outs from my most recent statement rather than look at the CRAs that are out of date 2 months ago? Someone at my old workplace said the industry keeps everyones reports out of date on purpose to spread out new credit and risk but not sure how true this is? I kind of understand companies only send updates to CRAs once every 4-6 weeks due to policy, cost, etc but I'm sorry we are in 2021 and just takes too long in my opinion. Not sure how other countries work, but will we ever see real-time (daily) updates or weekly credit report agency updates? 
Does anyone know anything more about this and any further explanation behind the delayed reporting?
Thank you.

Nebulous2

Lenders have fallen behind in updating CRAs as a result of the pandemic. If you look at your free report it shows you the date they received the last update from the lender. 

I paid off a lot of credit card debt almost 3 years ago when applying to Nationwide for a mortgage. ( I was applying direct, not through a broker)  A member of staff in the bank told me that if the amount I had declared was substantially different from the record they received from the CRAs it would mean an automatic decline and I would need to appeal with supporting statements to show the payment had been made. 

[Deleted User]

SaiK86 said:

Someone at my old workplace said the industry keeps everyones reports out of date on purpose to spread out new credit and risk but not sure how true this is? 

Not true at all.

SaiK86 said:

but I'm sorry we are in 2021 

I think we all are. But only 9 months to go.

SaiK86 said:

Not sure how other countries work, but will we ever see real-time (daily) updates or weekly credit report agency updates? 

You're very unlikely to see daily reporting, until someone is willing to pay for it.

[Deleted User]

Lenders will use the data on your file which is updated daily in most cases to make a decision, not base it on whatever is printed out from the report you see - you could dispute with them if they raise questions of affordability if you show you have paid debts off though.