Lee
Hall-of-Famer
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- Apr 27, 2005
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As someone that worked on the other side, I can tell you that most banks are not going to devote extra resources to running unnecessary reports. They'll run your statement once a month and report that balance to you and the credit bureaus. They will not wait until the end of the month and then re-run every single account again.
When the credit reporting agencies choose to update their reporting is not the same thing as when the credit company reports balances.
Changing your statement date is easy, most companies have it as an option to do online.
I agree with all this, but why do balances show up on cards that get paid in full every month if the balance is reported at the time the payments are due?
I have seen this several thousand times. People are always shocked they have balances because they "they pay them in full" And they have the type of money and credit I believe them.
The reason is because most credit card companies just report all balances once a month at the end of the month. I am not disagreeing they only report once a month, not disagreeing credit agencies only up date once a month, I am disagreeing that the due date is when it is reported. I have thousands of personal experiences where this wouldn't make sense.