Maybe for the well established credit, but I believe that there is a bias out there with the Bureaus and there reporting. A very timely reporting for collections, slow credit card paying and any other slow pay is reported right away but if payment is made on time and utility down and anything else pain on time it will take a full month cycle for the Bureaus to report. Credit Bureau reporting is definitely suspect and this has nothing to do with reporting of payments from financial companies. And it may be worse in some instances.
Starting Score: 544
@tricie17 wrote:Maybe for the well established credit, but I believe that there is a bias out there with the Bureaus and there reporting. A very timely reporting for collections, slow credit card paying and any other slow pay is reported right away but if payment is made on time and utility down and anything else pain on time it will take a full month cycle for the Bureaus to report. Credit Bureau reporting is definitely suspect and this has nothing to do with reporting of payments from financial companies. And it may be worse in some instances.
You're welcome to believe that, but it is patently untrue.
I do not think that this is timing of the lenders to the Bureaus, This has to do with inconsistency from the Bureaus and their timing in reporting and suppression like explained. I think the Bureaus need overhauling and their reliability comes from all of these companies having a stake in credit reports and unreliability in knowing what they are doing. Things are changing rapidly changing especially if you are starting with credit. If you are fortunate enough to have had someone start your credit career giving you that 650 to 700 score, good for you, but there are so many more that will have the struggle. My opinion.
Okay. I will consider that thought however, everyone has their opinion.
@tricie17 wrote:Maybe for the well established credit, but I believe that there is a bias out there with the Bureaus and there reporting. A very timely reporting for collections, slow credit card paying and any other slow pay is reported right away but if payment is made on time and utility down and anything else pain on time it will take a full month cycle for the Bureaus to report. Credit Bureau reporting is definitely suspect and this has nothing to do with reporting of payments from financial companies. And it may be worse in some instances.
Stop for a moment and think through what you're saying here. Your credit worthiness is factored over time. It is a marathon, not a sprint. It's well docmented that aging of accounts have positive impacts on your credit worthiness. A single on time payments is like a grain of sand on the beach. You have to establish years of those on time payments to be considered less risky for credit.
If you're allowing accounts to go to collections or "slow pay", it is timely to report this when it happens. A missed payment means that you are past due. In fact they give you a full cycle past your due date before you are reported late. So, that missed payment is actually over 30 days past it's due date before it appears on your report. When an account goes to collection you're getting a new account, which all new accounts are reported immediately. I can't begin to imagine what you believe is reasonable in these cases.
You've already let these accounts go MONTHS behind before they hit your report. Credit bureau reporting has EVERYTHING to do with reporting of payments from financial companies. In fact, that is ALL credit reporting is.
