Are credit rating agencies being updated during Covid?

LordSomebody

Hi all

I've been able to clear most of my unsecured debts (which were significant) after receiving a very generous inheritance. Sadly, my credit report is pretty peppered with missed payments over the last 7 months (no defaults though).About 6 weeks have passed, though, and the creditors have not updated my credit files - and so the huge balances are still being reported.

I'm sure it's only a matter of time before it updates, but does anyone know if these are delayed during lockdown? Most of the last updates are 28 Feb 2020, so I had expected the end of March to prompt the updates.

Thanks

sourcrates

LordSomebody said:

I'm sure it's only a matter of time before it updates, but does anyone know if these are delayed during lockdown?

Thanks

More than likely yes, what you see on your free report is often time delayed anyway, best thing to do is go about your normal life, as normal as it can be at present anyway, log on again in 6 months time, i`m sure all will be dandy.

[Deleted User]

Updates are being delayed for some lenders. I believe the official reason is to give lenders the chance to 'catch up' with all the payment holiday requests prior to making their monthly update.

I've had some accounts report as normal, but other accounts are at least a month out of date (e.g. showing as last updated Feb 2020 when I'd expect March update by now). This is on the 'live' version of Equifax.

Likewise at work I've seen some accounts being considerably delayed, even though clients are saying they've paid debts etc.

In the long run, you should get all the months - e.g. even if it's not updated for say 3 months, when it is updated you should get 3 x status 0's (or whatever the relevant status is) on your history, so you won't lose out in the long run. Short term there will be issues, as you've experienced, but unless you're imminently needed to apply for credit (when I can understand the anxiety) then just ignore it for a few weeks and it'll sort itself out

LordSomebody

Thanks both!