Now, you may have been on top of things like bills and payments for the past year, and you are really cleaning up your act. Oops! You make a payment late! So you rush to the mailbox and make this payment. When will the credit card company report back to the credit bureau that everything is taken care of?
Reporting To A Credit Bureau
The most common practice of reporting to credit bureaus is every 30-60 days. 60 days is the extreme, with most everyone practicing the 30 days (or once a month) rule. So do not worry, they will acknowledge your payment within the month of turning it in. That is one of the perks of having a card that will report to credit bureaus. They do it for you, and all you have to do is make sure you check to see that it has happened.
Do I Get Credit For Turning In A Payment On Time?
Actually, there is nothing that states a company is required to turn in information whether it is good or bad. So if they are reporting only the bad and not the good, call them and ask that they to do so. It is not fair to be denied good standing when you do make payments on time. You should want to improve your credit score, and they should too.
This also is true if you are using your credit wisely. If you rarely ever go over your credit limit, then get them to report that. It shows them you are responsible. Start to make sure you build up trust and confidence as well. It will help you in the long run when applying for other necessary things.
My Company Does Not Report, Or When They Do They Only Report Bad Credit
Well if this happens, then let them know. You need to be with a company that respects you when you do well. Do not let them control you. You need to be in control at all times when it comes to the issue of your finances. If you are only aware of the bad, then other people will be too. You know you do twice as many good things as bad, and that should be your defining credit quality. And above all, there are many benefits to having a good credit score.
How does a credit bureau arrive at their score?
When you request your credit score from the bureau, it should come with the following:
- The information on their credit scoring model
- The range of possible scores
- What key factor may have affected the credit score
- The date the credit score was officially created
Just a tip on what you should look out for. This information will be important to look over so that you may have a better understanding of how your credit score has been determined by the credit bureaus.
Additional Resources:
Jay Dobbins
Team Your Credit Network