Out of date credit card balances

DBdoobydoo

I have been looking at my credit report from all three agencies (Transunion, Equifax & Experian). Both Transunion (Credit Karma) & Experian have my credit car balances incorrectly stated at around £52K versus the £39K I really have. It was £52K about 4 months ago but I have paid off £13K & I have also shuffled about some credit balances to new 0% balance transfer card so they are now all on 0%.

It looks to me like the updating of details is really slow. Some of the credit cards in my Transunion file have a report date of 30th April while some in Experian have 8th May. It looks like double counting where the balance of a card has been moved to another card at 0% but the balance is reported on both cards even though should be zero.

Is it just a question of waiting another month or two until it's all settled down or can I get the errors corrected? At the moment my credit score with Equifax is Good while Transunion is Fair & Experian is Poor.

molerat

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

cymruchris

It always takes ages for these things to update. I would have thought the way technology was moving with the improvement in communications they'd have speeded up a touch by now - but I think a lot of what goes on behind the scenes is still a little antiquated. It's always the same for people applying for mortgages as well - when they leave clearing balances to the last minute, and the files still show they owe money. And yes - don't worry about any score. 

DBdoobydoo

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

[Deleted User]

No lender sees the pretend scores. They're only interested in the data and bear in mind that they see a live view, not the aged view that you see.

You're correct that lenders would indeed sooner throw a dice on eligibility than use a CRA score.

[Deleted User]

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

Lenders use the data on the file to assess you using their own internal scoring systems that you will never see (to prevent you gaming the system). The score is a gimmick and nobody will see it apart from you. No lender ever sees that number as it can be gamed by things like the Experian Boost which would suggest you could just magically get better rates by pressing a button (in reality by agreeing to give the CRA access to your bank account).

sourcrates

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

DBdoobydoo

sourcrates said:

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.

[Deleted User]

DBdoobydoo said:

sourcrates said:

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.

Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

Unfortunately you are still repeating the myth of credit score having meaning:

"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

DBdoobydoo

Deleted_User said:

DBdoobydoo said:

sourcrates said:

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.

Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

Unfortunately you are still repeating the myth of credit score having meaning:

"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?

Ebe_Scrooge

DBdoobydoo said:

Deleted_User said:

DBdoobydoo said:

sourcrates said:

DBdoobydoo said:

molerat said:

Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.

It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.

Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

Unfortunately you are still repeating the myth of credit score having meaning:

"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?

You're mixing up score with credit history.  The score is of no relevance at all, your credit history is important.  As stated previously, changes do take some time to filter through to the CRA.  Added to which, the data you see on the free report is never completely up-to-date (unlike the paid-for data which a lender will see).  Unless you're looking for additional credit in the very near future, don't worry about it - it'll get updated in due course.