Why are credit agencies solo slow at updating information?

Malkytheheed

I guess it doesn't really matter but I'm curious as to why it takes the credit agencies so long to update information. Or indeed the credit companies for that matter. 

I applied for and was accepted for a new card over 2 months ago now and not only is the account not showing on any of the three credit files, heck even the search isn't showing yet. I'm just confused in this digital age, when data transfers at the speed of light, why would there be month long delays to things that are surely electronic and automatic? If anyone has any Insider info I would love to know.  

[Deleted User]

There's a few factors. First is that lenders may only update certain data on a monthly basis, so it depends on which date your account is reported.

Then you have the QA process at the CRA before uploading it and then finally, unless you have a real time view of your files through a paid service, you'll need to wait for your monthly refresh of your files before it becomes visible to you.

dr_adidas01

Malkytheheed said:

I guess it doesn't really matter but I'm curious as to why it takes the credit agencies so long to update information. Or indeed the credit companies for that matter. 

I applied for and was accepted for a new card over 2 months ago now and not only is the account not showing on any of the three credit files, heck even the search isn't showing yet. I'm just confused in this digital age, when data transfers at the speed of light, why would there be month long delays to things that are surely electronic and automatic? If anyone has any Insider info I would love to know.  

Who is your new card provided by? Some lenders have been very slow at updating the CRAs. My Barclaycard has only this week updated and has been a few months behind. 

Although your data is sent electronically its supposed to be checked to make sure it’s uploaded to the correct persons credit file. 

A new account can take 6 to 12 weeks before it starts to appear on your credit file.