Quickquid updating CRAs

Superhoopza · 21 May 2018 at 6:58AM

Hi,

I've just had my monthly MSE credit club credit report produced today. I made the final payment on my Quickquid loan at the end of March and my understanding is they have up to 45 days to update the CRAs with this information? It has now been over 50 days. Is this common of them? On all 3 CRAs for my May reports show this loan as outstanding as well.

I know making a complaint is pretty useless, especially as I have just gone to the Financial Ombudsman with them for a claim of irresponsible lending. It's just a little frustrating as I did a lot to reduce my overall debt on my credit report so when they don't update the CRAs it makes my situation look worse than it is.

Marcio45 · 21 May 2018 at 11:21AM

Superhoop...
Credit records, for many reasons, can take 2 or 3 months to update. So i would not be too worried for now. Give it another month and then if nothing changes chase them up.

Samsung_Note2 · 21 May 2018 at 1:26PM

Superhoop91 wrote: »

Can't help yourself Gary.

Marcio ok thanks but really up to 3 months is taking the micky a bit.

It makes them feel better about the,selves...i feel our Gary is an under achiever so acts like a pillock to feel good about himself...poor soul.

Three months is taking the mickey...get a complaint in,certainly cant do any harm.

[Deleted User] · 21 May 2018 at 2:06PM

Samsung_Note2 wrote: »

It makes them feel better about the,selves...i feel our Gary is an under achiever so acts like a pillock to feel good about himself...poor soul.

Three months is taking the mickey...get a complaint in,certainly cant do any harm.

You couldn't be further from the truth

KoshB5 · 21 May 2018 at 2:55PM

This is the standard process within the CRAs -

Lenders send their data once a month aligned to their internal processing, they can have delays so their data can arrive later than a month since the previous update
A CRA then does its own data processing which takes time, more so if there is issues with the provided data

The use of a free report service can also make the update cycle appear longer because they tend to only generate a new report once a month either at a fixed date or a month since the last report / user login e.g.

Lender sends data on 2nd of the month, you make a payment on the 3rd of the month and get a report generated on the 4th of the month. Your payment will be sent in the following months update which may not appear on your file until later in that month say 6th (after processing), you won’t see it on your free report for yet another month (2 months elapsed - lenders will see it as soon as the CRA has finished their processing).

Any delays in the lender sending or quality issues determined by the CRA will further delay your data being updated.

Superhoopza · 21 May 2018 at 10:24PM

Thank You Kosh. It just seemed like they were happy to update my payments when I was making the monthly ones but as soon as I pay early they have no interest in reporting to the CRAs. If I don't get a penny back from them then so be it but hopefully I do. They literally were the worst to deal with and wouldn't help me move to an alternative payment plan. Their reviews on trustpilot say it all.

nic_c · 22 May 2018 at 3:39AM

It can be the same with many organisations, I paid of a loan with a major bank and it took 2 months to show that final amount as paid.
I assume you are using the free services for the CRA's, the ones that update your file once a month. Is there a urgent rush it needs to show on credit file now, if it has been paid?

Quickquid updating CRAs

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