Credit reports updating.

monkeymatt76

Hi all.

i have a Barclaycard with a £3590 limit. I had around £3100 on it and received a bonus from work in September which I used to clear most and take it down to a little under £100.

This was paid on 18th September. All credit reports show it last updated on 30th September with balance still showing as £3100. It’s been over 6 weeks now since I made the payment and it’s still not showing on my reports. Is this normal?

im looking to go and purchase a new car on PCP on Tuesday and was hoping this would be updated by then as is still showing credit card utilisation as over 75%. Worried this might lead to me being rejected.

Brie

updates to credit reports can take up to 3 months depending on how often a company reports.  At least that's my understanding of the easily available reports.  Ones that I see from Experian and Transunion get updated for each month.  Each report costs money to get so seem to be more sophisticated than the free online ones.  

Happy to be corrected by those others who regularly review reports.

More important - there's been a recent court case regarding car finance.  I don't know if it's affecting PCPs or not.  You might want to check with the company you are getting the car from whether they are allowing them at all at this time.  Again - others will know better about this.

MrFrugalFever

I would be surprised if that in isolation would lead to a rejection on a secured loan, if it came to it you could easily prove that the balance is now back down to circa. £100 as you suggest.

Credit reporting varies by lender and by agency, all three agencies appear to be 2 months behind for me with balances which have long since been paid off. Hasn't stopped me from opening current accounts or getting pre-approved on credit cards etc.

Running1

Hello

I was recently a victim of fraud with someone purchasing a mobile phone in my name. I went through the process of reporting this through all the right channels (took some tears, blood and alot of patience). 
I checked my credit score and has hit it immensly even tho they are aware of the fraud.

I also picked up on the report that 3 bank accounts were opened in my name on the report.

Absoloutly baffled!

Ive tried contacting Experian, looked at the FAQ aswell and im just going round in circles!

Has anyone been through this and have you managed to rectify it?

Nasqueron

Running1 said:

Hello

I was recently a victim of fraud with someone purchasing a mobile phone in my name. I went through the process of reporting this through all the right channels (took some tears, blood and alot of patience). 
I checked my credit score and has hit it immensly even tho they are aware of the fraud.

I also picked up on the report that 3 bank accounts were opened in my name on the report.

Absoloutly baffled!

Ive tried contacting Experian, looked at the FAQ aswell and im just going round in circles!

Has anyone been through this and have you managed to rectify it?

You should start your own post

Contact each firm reporting to your record with the crime details - they tell Experian what to report, Experian won't remove them as otherwise everyone with debt would just get their debts hidden

Ignore the fake score