We have been monitoring our credit scores and credit reports daily since we are about to close on a brand new home AND we want to be sure and get the lowest home mortgage interest rate possible.
I pay $29.95 a month to view my Experian, TransUnion, and Equifax credit reports and credit scores. On last months credit reports our Bank America Visa card had a balance of $2500 and our Chase Visa card had a balance of $2800. We paid Bank America down to $450 and paid Chase down to $170 all on August 10, BUT the $2500 and $2800 balances were unchanged on the credit reports 10 days later!!
So I decided to dispute both balances online at TransUnion. As I was filling out the online dispute form, I noticed the dispute form showed the correct balances of $450 and $170 respectively!!
Why am I pissed off about this? The correct lowered credit card balances are both in TransUnion databases, but TU has not taken the time to update my credit report or credit scores!!! All three credit bureaus SHOULD update your credit scores and credit reports within 24 hours of receiving current information from your credit card company! Why, because if they are late you will get a higher more expensive interest rate that could cost you, maybe, $100 extra on your monthly mortgage or car payment.
In summary TransUnion has your updated information, but may wait around a month to have this financial data be properly reflected in your credit score AND a higher credit score can turn $1000 mortgage payment into a $1150 payment. The only way I became aware of this was to dispute a credit card balance that was being reported as way too high!