Why does an account that has been paid still show with a balance on a credit report and credit bureau?

posted by askmrcredit on (6 years, 9 months ago)

Most credit grantors report to repositories on a monthly or bi-monthly basis. Time requirements of creditors to report their data to the three major repositories widely varies. Time requirements that credit repositories have to add to a consumers credit report with new credit data also varies. The human factor between creditor and credit repositories may sometimes take weeks or several months to update their data. (Example: on an average a credit report reports balances approximately 30-60 days behind.)

Leave a comment

Listed Under

Reactions

Tags
    This article hasn't been tagged.