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|Subject: Is This New? Examining my Experian Credit Report||Date: 5/14/2013 5:41 PM|
|Author: Fuskie||Number: 307027 of 309069|
I just received my semi-annual credit report from Experian and noticed they are not only reporting monthly average balances, but also for each month, the date payment was received, the amount scheduled to be paid and the amount actually paid. I don't remember seeing this before. So far, it seems Amex isn't reporting this, but my credit union has apparently provided data at least back to 2011 on my mortgage and credit card. The scheduled payment amount appears to be the minimum required payment.
Upon further review, only American Express did not report this level of detail on my two cards under their brand.
I also noticed that my auto loan for the old FuskieGuzzler™, paid off in 2005, is scheduled to come off my credit report in 2015. First, I would have expected it to fall off after 7 years. Second, I had not noticed this additional information on my report before, but I like it. The paid-in-full loan for the current FuskieMobile™ closed in 2010 but has a note that it will remain on record until 2020, so it appears that 10 years is standard.
Here's a cautionary tale: I agreed to open a credit line with an appliance store in order to get financing on a new refrigerator/freezer after my old one suddenly passed away. Hours after I signed the papers, I got a call that their inventory system lied and they didn't have the purchased unit and could not deliver it for another month. Needless to say, I canceled the sale but the instantly approved credit can't so quickly be terminated. I had to wait for the purchase to post then a credit be applied before I could request the account be closed. Damage done to my credit score, this account, open officially for no more than a month, won't fall off my credit history until 2023.
Side Note: CreditKarma.com has revamped their web site, now offering to track credit account transactions like Mint, as well as dropping the Vantage Score but adding a Home Insurance score to go along with the Auto Insurance score. I'll need more time to go through the new site to offer an opinion on the changes, but one thing I did notice was that my scores were automatically updated when I logged in instead of my having to click for an update.
Who for some reason has to request his Experian reports by mail since the annualcreditreport.com site won't approve him for electronic delivery...
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