How frequently are the CRAs updated?

[Lakeside1]

Hi all,

Does anybody know if companies are duty-bound to update CRAs within a certain timeframe?

Reason I ask is, I have 2 credit cards with RBS lenders (Mint and Tesco). I paid the full balance off my Mint card in May and closed the account and paid a chunk off my Tesco card, but their last update on Experian is showing as 5th June and still shows my May balances.

I know it doesn't make much of a difference in the long run, but certainly if I were applying for credit today, £3k incorrectly showing on my borrowings would affect my chances.

Thanks

Lakeside

[Never-In-Doubt]

Re: How frequently are the CRAs updated?

Hi all,

Does anybody know if companies are duty-bound to update CRAs within a certain timeframe?

Reason I ask is, I have 2 credit cards with RBS lenders (Mint and Tesco). I paid the full balance off my Mint card in May and closed the account and paid a chunk off my Tesco card, but their last update on Experian is showing as 5th June and still shows my May balances.

I know it doesn't make much of a difference in the long run, but certainly if I were applying for credit today, £3k incorrectly showing on my borrowings would affect my chances.

Thanks

Lakeside

They usually update monthly as per their data feeds, in the case of RBS group it is usually the slightly behind, and usually update on the first Monday of the month - however, when you close an account they sometimes just stop reporting - its nuts!

If the balance is indeed £0 and they do not update it by 5th September then you need to request the entry is updated asap as it'll affect you getting credit based on lenders assuming you have that £3k or whatever as available credit....

So, to clarify - it should have already been updated on 7th August and if not then there is an issue that you need to contact the provider over and demand they update their records.....

[Never-In-Doubt]

Re: How frequently are the CRAs updated?

Hi all,

Does anybody know if companies are duty-bound to update CRAs within a certain timeframe?

p.s. No, not duty bound but they should be keeping reflective and accurate details in line with ICO guidelines. If it's not sorted by, as I say, Septembers run then contact the ICO as a back-up.

[Lakeside1]

Re: How frequently are the CRAs updated?

Cheers Niddy.

They're bloody quick enough off the mark to report when things are going tits up eh? Lol.

[Never-In-Doubt]

Re: How frequently are the CRAs updated?

Cheers Niddy.

They're bloody quick enough off the mark to report when things are going tits up eh? Lol.

Double standards.....

I've always said that - they are, lets not forget, paid by the banks!

[caspar]

Re: How frequently are the CRAs updated?

We came a cropper with similar last week. We have a settled CCJ. Naively we thought once it was settled the creditor would remove the CCJ - wrong!

Still there, and when queried told it's up to us to contact the CRA so they can contact the creditor so they can confirm we've settled it so the CRA can remove it from our CRF.

Bloody stupid!

[Never-In-Doubt]

Re: How frequently are the CRAs updated?

We came a cropper with similar last week. We have a settled CCJ. Naively we thought once it was settled the creditor would remove the CCJ - wrong!

Still there, and when queried told it's up to us to contact the CRA so they can contact the creditor so they can confirm we've settled it so the CRA can remove it from our CRF.

Bloody stupid!

Usually you need to get a certificate of satisfaction from the court mate, the same court that issued the CCJ --> cost £10.

Thats what you normally have to do anyway......

[caspar]

Re: How frequently are the CRAs updated?

That sounds a bit more reasonable. Never had to do it before so I haven't a clue!

[Never-In-Doubt]

Re: How frequently are the CRAs updated?

---> Certificate of satisfaction - Satisfied vs unsatisfied CCJs - Trust Online