Increase Your Credit Score By Knowing Your Credit Card Company Upload Dates Part II
Smashwords Edition Copyright © 2012 Monica Rich
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Knowing upload dates are very important and how it affects your credit score. For example, some companies upload (report your account) to the credit bureaus on the 1st, 15th, 30th, or 31st of each month if they report monthly. Those companies like Amex and JCPenney report on the 15th every 90 days. This is called quarterly reporting. Some mortgage servicers only report to credit bureaus every 45 days. This is the reason why if you ever had a 30 day late from a mortgage company, or a credit card company, it took maybe 60-90 days to show up on your credit report. Mortgage companies wait 15 days after they receive your payment to ensure there were no discrepancies before reporting your account to the credit bureau. When creditors have to re-report an account, it costs them more money.