Credit file/rating sync: what we see vs what they see?

Racxie

I'm not sure how to explain this in words, so I'll give an example to start with:

Say if I have £500 of debt on my credit card and this is reflected on my credit file. I then pay off the £500 in full and a week later my MSE/ClearScore/Credit Karma report is updated, but it's still showing the £500 rather than £0, and won't show £0 until the next update.

So does anyone happen to know if credit report agencies such as Experian update their file on us more regularly for lenders to see? e.g. if I was to apply for credit now would they see £0? Or do they get updates at the same intervals/timeframes as we do e.g. would they also still see the £500 I see despite having paid it off?

My guess is that these get updated more frequently, but these services are just slower because they're free (MSE & ClearScore only update once a month whereas Credit Karma updates like once a week which is the basis for my theory, unless TransUnion is just different overall).

If they are updated more frequently then does anyone also know how frequently? like every 24hrs?

Thanks in advance

ThisnotThat

Your actual file is updated in real-time so as soon as the lender reports the balance change it will show on your file.  But it may take up to a month for the lender to do this (and under certain circumstances even longer.)

Racxie

ThisnotThat said:

Your actual file is updated in real-time so as soon as the lender reports the balance change it will show on your file.  But it may take up to a month for the lender to do this (and under certain circumstances even longer.)

Ah thanks, so for example if I've paid off £500 with company A they might report it straight away so company B would see my balance as £0 even though I won't until the next monthly update.

Whereas if I paid £500 off with company C, they might not report it until next month, so company B would still see my balance as £500 as would I even though my report has been updated.

I think?

ThisnotThat

Correct.

Once they update the CRA's anyone checking your live file will see the update.

Racxie

ThisnotThat said:

Correct.

Once they update the CRA's anyone checking your live file will see the update.

Thanks again! Any idea if there's a way to find out how frequently providers update it on their end? Guessing it'd just be a matter of having to call and find out as opposed to there being a compiled list somewhere, or mentioned on their website?

[Deleted User]

The call centre agents won't be able to tell you. Updates are sent in cycles and they won't know where you fall in that.

ThisnotThat

There isn't a list.

It's typically monthly.  I believe the "last updated" when checking via the likes of Clearscore will be the date of the last update.  You'd need to keep an eye on that each month to see when and how frequently they are being updated but as I said it will almost certainly be monthly.

Racxie

Deleted_User said:

The call centre agents won't be able to tell you. Updates are sent in cycles and they won't know where you fall in that.

Yeah I didn't think it would be likely, but was worth asking anyway. Thanks.

ThisnotThat said:
There isn't a list.

It's typically monthly.  I believe the "last updated" when checking via the likes of Clearscore will be the date of the last update.  You'd need to keep an eye on that each month to see when and how frequently they are being updated but as I said it will almost certainly be monthly.

I'll try keeping an eye on and see if that changes, thanks. Just thought that might have been how frequently ClearScore updates my records on their end as opposed to how frequently the provider might update it on their end.

ThisnotThat

Racxie said:

Deleted_User said:

The call centre agents won't be able to tell you. Updates are sent in cycles and they won't know where you fall in that.

Yeah I didn't think it would be likely, but was worth asking anyway. Thanks.

ThisnotThat said:
There isn't a list.

It's typically monthly.  I believe the "last updated" when checking via the likes of Clearscore will be the date of the last update.  You'd need to keep an eye on that each month to see when and how frequently they are being updated but as I said it will almost certainly be monthly.

I'll try keeping an eye on and see if that changes, thanks. Just thought that might have been how frequently ClearScore updates my records on their end as opposed to how frequently the provider might update it on their end.

It's definitely the provider.  The dates are different between different providers. That wouldn't make sense if it was when Clearscore would do it as they'd do everything at the same time.

Racxie

ThisnotThat said:

Racxie said:

Deleted_User said:

The call centre agents won't be able to tell you. Updates are sent in cycles and they won't know where you fall in that.

Yeah I didn't think it would be likely, but was worth asking anyway. Thanks.

ThisnotThat said:
There isn't a list.

It's typically monthly.  I believe the "last updated" when checking via the likes of Clearscore will be the date of the last update.  You'd need to keep an eye on that each month to see when and how frequently they are being updated but as I said it will almost certainly be monthly.

I'll try keeping an eye on and see if that changes, thanks. Just thought that might have been how frequently ClearScore updates my records on their end as opposed to how frequently the provider might update it on their end.

It's definitely the provider.  The dates are different between different providers. That wouldn't make sense if it was when Clearscore would do it as they'd do everything at the same time.

Makes sense, although will have to see if ClearScore updates the "last updated" date once my report updates or in-between.

But thanks! Just one of those things I've just never thought to ask about before.

ThisnotThat

Racxie said:

ThisnotThat said:

Racxie said:

Deleted_User said:

The call centre agents won't be able to tell you. Updates are sent in cycles and they won't know where you fall in that.

Yeah I didn't think it would be likely, but was worth asking anyway. Thanks.

ThisnotThat said:
There isn't a list.

It's typically monthly.  I believe the "last updated" when checking via the likes of Clearscore will be the date of the last update.  You'd need to keep an eye on that each month to see when and how frequently they are being updated but as I said it will almost certainly be monthly.

I'll try keeping an eye on and see if that changes, thanks. Just thought that might have been how frequently ClearScore updates my records on their end as opposed to how frequently the provider might update it on their end.

It's definitely the provider.  The dates are different between different providers. That wouldn't make sense if it was when Clearscore would do it as they'd do everything at the same time.

Makes sense, although will have to see if ClearScore updates the "last updated" date once my report updates or in-between.

But thanks! Just one of those things I've just never thought to ask about before.

Just look at when each account is updated.  It's not when your Clearscore account gets updated.