Slow updates of credit files

Robbobss

why do most if not all credit reference agencies have a 3-5 month lag behind reporting.

Shouldn't this be a live update as these credit reference agencies are increasingly becoming a monitor on our lives why the hell am I having to wait 3-5 months for changes ….. who regulates these companies?

Because when I've had issues with credit reference agencies the regulators seem to be scared of them and won't pursue them when they make a mistake.

why do we have to wait months for updates on our credit files ??

This modern day technology should be now! Credit reference agencies need sorting out ! To be fast and reliable!

cymruchris

https://forums.moneysavingexpert.com/discussion/6443879/slow-updates-of-credit-files

Because the credit reference agencies don't get their information instantly.

Different financial institutions have different methods of collating their data, and no doubt have different schedules of submitting it to the CRA's. So depending on when your 'change' happens - will then depend when it appears on the CRA reports.

The data that you see on your FREE reports only gets updated at your end sometime after it gets updated at their end - as mostly your free reports are only updated monthly.

So if you took out a credit card on the 6th of January - the hard search was performed - the credit card company then went through their internal processes of getting the card ordered and dispatched, and your new account data added to the next CRA update report. If the data was sent over on the 5th of every month, you've already lost a month as you applied on the 6th.

If then your monthly report updates on the 1st of the month - then your data won't be there in time for your Feb report.

If then the credit card company send over the data on the 5th of February - your file wouldn't update until the 1st of March.

Along the way there can be discrepancies in the data that cause delays, and so again the data might be slow to update. It can be longer when it comes to balances that change - and longer still when you close an account.

There are a myriad of reasons why when you make a change to something financial - that it doesn't appear on your free report for a couple of months (and sometimes longer). Yes if all data was shared instantly it could happen, but the systems used in some case are archaic - and to get them up to date would cost £££ - and if they spent £££ - then we'd foot the bill one way or another.

Robbobss

it's like living in the stone ages to be honest are we a 3rd world country why are these changes taking upto 6 months?

cymruchris

https://forums.moneysavingexpert.com/discussion/comment/80028119#Comment_80028119

Because of some of the things I outlined above. 6 months is pushing it a bit though - which change were you expecting to see that took that long?

Robbobss

why do we have to pay to view our own private data ?

If this is my data that is being stored why am I not allowed full access unless I pay. Is this a prison I am living in? Great Britain used to be free but we are far from it we are charged extra to view our own personal financial situation, has anybody ever thought about this? Why do the banks have more info on us and then have the cheek to let companies charge you for a view of what the banks have on you ?

Robbobss

how much do the banks pay to these companies to view the data?

cymruchris

Without the data - the bank would never let you have a credit card/bank account/loan/mobile phone contract etc. It's their risk assessment of you as an individual. 'Do we trust this person with a credit card or are they going to spend up to their credit limit and run away?' - the data helps them with their decision. You don't have to have any data stored - just take yourself off the electoral roll, disconnect your utilities, close all your accounts and wait six years, and you'll no longer exist.

You didn't answer the question of - what change were you expecting to happen that took 6 months? If you can give some specifics around the type of change and type of institution - we might be able to point you in the right direction of getting it done sooner. 6 months sounds like there's something wrong.

Robbobss

for a start one account is reported as late by 2 months for 11 consecutive months but experiian report is ok for the whole thing late payments with equifax don't coeincide with the real reporting of the account being ok with Experian. Nothing matches it's asif they send a report to one credit reference agency as late but then send the other one a report that it's not I am confused at why this is happening

Robbobss

Experian seems to be the most acurate , does this mean I need to ring equifax and get them to change it to the correct one or not? I'm not sure why they would report different things to different companies

cymruchris

https://forums.moneysavingexpert.com/discussion/comment/80028511#Comment_80028511

Ok - so it's not the fact that data is 6 months late in appearing - it's that you've got late payments being reported to equifax and on-time payments being reported to experian? Have I understood that rightly?

Are the payments you've made actually been on time? Or have the payments been made late?

Which is the accurate record?

Robbobss

The accurate record is the on time ones