All information regarding your track record on servicing your loans or cards or other debt products are updated by the financial institutions to the credit bureaus at regular intervals. The standard interval of update is on a month on month basis.
During such large amount of information flow from the financial institutions to the credit bureaus there is a good possibility of the financial institution wrongly or in accurately updating information.
For example you might missed a couple of payments and your account has become overdue and the financial institution would have updated the same with the credit bureaus but when you regularize the account the financial institution may not have updated this information and still show your account as overdue.
In some other cases you might have pre-closed a particular account but the financial institution has still not updated the same with the credit bureaus.
In a vast number of cases and in our experience where the customer has settled a bad loan, we often find that the settlement would not been updated with the bureau.
During such large amount of information flow from the financial institutions to the credit bureaus there is a good possibility of the financial institution wrongly or in accurately updating information.
For example you might missed a couple of payments and your account has become overdue and the financial institution would have updated the same with the credit bureaus but when you regularize the account the financial institution may not have updated this information and still show your account as overdue.
In some other cases you might have pre-closed a particular account but the financial institution has still not updated the same with the credit bureaus.
In a vast number of cases and in our experience where the customer has settled a bad loan, we often find that the settlement would not been updated with the bureau.
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