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Aug 24, 2016
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bobo709 wrote:
Jul 17th, 2017 8:45 am
This is the response I received from Scotiabank:
I don't believe that. You more than likely got a response from an air head.
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Mar 16, 2011
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ace604 wrote:
Jul 17th, 2017 3:07 am
Old accurate data with a date-stamp on it is not "inaccurate".

You are complaining about delayed reporting (or possibly they've decided to stop reporting to EFX entirely).

You aren't complaining about "inaccurate" reporting.

If they changed the report date to "today" but left the data as the old data, that would be "inaccurate".

If Scotia's decided to report to EFX once every 3 months that's not "inaccurate".
Did you miss the Federal government description of Errors which includes "debts listed that have been paid in full"? Which is my situation. If I provide a statement to show that a debt is paid and EF continues to show balances owing, it is considered an ERROR.

Transunion: "obligated to verify the accuracy of the information" - anything that indicates balance would also be an error, despite it showing date reported. They need to verify the information, which your account statement can show it to be plainly inaccurate.
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Jun 21, 2016
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coolintheshade wrote:
Jul 17th, 2017 11:13 am
I don't believe that. You more than likely got a response from an air head.
I do not disagree with your statement. That is, however, what they said. Funny thing, my car loan through Scotiabank has updated every month, just not my Visa or Amex.
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Nov 22, 2015
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chopperE wrote:
Jul 17th, 2017 11:24 am
Did you miss the Federal government description of Errors which includes "debts listed that have been paid in full"? Which is my situation. If I provide a statement to show that a debt is paid and EF continues to show balances owing, it is considered an ERROR.

Transunion: "obligated to verify the accuracy of the information" - anything that indicates balance would also be an error, despite it showing date reported. They need to verify the information, which your account statement can show it to be plainly inaccurate.
You're mis-interpreting the definitions. A properly reported trade line within 90 days is not 'inaccurate' in any way, and is most definitely not an "ERROR".

Again, FI's are not legally required to report to CBs, and quarterly updates are perfectly acceptable. There is no legal obligation for a credit bureau to hunt down FIs that don't report to CB or only report bi-monthly/quarterly
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chopperE wrote:
Jul 17th, 2017 11:24 am
Did you miss the Federal government description of Errors which includes "debts listed that have been paid in full"? Which is my situation. If I provide a statement to show that a debt is paid and EF continues to show balances owing, it is considered an ERROR.

Transunion: "obligated to verify the accuracy of the information" - anything that indicates balance would also be an error, despite it showing date reported. They need to verify the information, which your account statement can show it to be plainly inaccurate.
Is it more than 90 days since the last report?
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chopperE wrote:
Jul 17th, 2017 11:11 am
No, the way it reads is that if you can show that the information is inaccurate or requires supplementation (i.e. account paid off) then they have a legal obligation to update it.
And in my case, my 'maxed out card" is actually paid off. and it hasn't been updated.
But nice try to be insulting instead of helpful. A little surprised at your hostility since you were helpful in other threads.

And the FACTS are that the law requires them to correct, update, or supplement inaccurate information. I cited my sources above.
It's not inaccurate yet. It's just a little old.
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ace604 wrote:
Jul 17th, 2017 1:15 pm
Is it more than 90 days since the last report?
For me, no. My balances show updated April 2017 based on April's statements. The statement date for my Visa is April 27th, for my Amex April 21st.
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bobo709 wrote:
Jul 17th, 2017 1:22 pm
For me, no. My balances show updated April 2017 based on April's statements. The statement date for my Visa is April 27th, for my Amex April 21st.
So if you don't see those update by end of July, I'd follow up. If they do update, then it looks like they are updating it after 3 months.

For anyone who has a big issue with "inaccurate" information as a result of updating once every 3 months, I suggest taking this into consideration and clearing off large balance transfers for "not risky" investments, or whatever, more than 3 months before you care about what your credit score is (which, btw, should basically be never ... maybe once for a mortgage :) ... who cares about your score? just wait 90 days).

You can avoid this issue completely if it bothers you so much by paying off your credit card before the statement prints.
I'd rather take the 21-day interest-free grace period and have the 'wrong' balance show for the next 2 months after than prepay in advance just to manipulate the credit bureau numbers temporarily. But hey, whatever floats your boat.
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I was concerned because I had both at next to nil for a mortgage renewal. They ended up pulling TU, which is completely up to date.
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bobo709 wrote:
Jul 17th, 2017 1:47 pm
I was concerned because I had both at next to nil for a mortgage renewal. They ended up pulling TU, which is completely up to date.
You had a credit check for a renewal? I guess you transferred to a new lender?

I don't think 651 or 799 matters for mortgage lenders ... as long as it's not 'horrible' you aren't excluded from getting the best rates they have.

But anyways, this thread is good info for anyone borderline and worried ... start paying off your Scotia statements BEFORE they are generated 3 months before your mortgage app... or game the system and just do that the one month it reports every 3 :)
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BTW, I think I mentioned this already but don't remember for sure ... I got two new Scotia cards in May (Gold Amex and Scene Visa) and they don't even show up on Equifax at all yet :D

This seems to match with the once every quarter update expectation.

People could see this as a benefit in at least a couple different ways...
  1. You can pay off your statement before it prints only 4 times a year and fool the credit report into showing 0% utilization all year.
  2. If you are a churner you can add new Scotia cards in that 3-month window without them showing up on your Equifax at all :D
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I was looking for what I thought was a more recent (past year or so) thread on this topic but didn't find it ... I found an 8-year old thread though :)

credit-reporting-scotiabank-775888/

Aug 12, 2009:
elle505 wrote:
Aug 12th, 2009 11:14 am
I have had a Scotia Visa for about a year and I have noticed that they only report to Equifax every 2-3 months. When I called and asked them about this, they said they have so many clients they are not able to report every month.
Has anyone else experienced this? I thought the major banks were good at reporting every month.
Would my credit score be higher if they were reporting every month (paying on time of course) or does it not make a difference?
EDIT: Found the thread I was remembering ... it was Transunion not Equifax, and not Scotia-related ... from Sept 2016:
anyone-seeing-delays-transunion-tradeli ... s-2037362/
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superfresh89 wrote:
Jul 17th, 2017 1:13 pm
You're mis-interpreting the definitions. A properly reported trade line within 90 days is not 'inaccurate' in any way, and is most definitely not an "ERROR".

Again, FI's are not legally required to report to CBs, and quarterly updates are perfectly acceptable. There is no legal obligation for a credit bureau to hunt down FIs that don't report to CB or only report bi-monthly/quarterly
No I am not and I cited 5 sources for my belief, while you are just making unsupported claims. Errors are defined as "debts listed that have been paid in full". That is an ERROR that can be corrected.

FIs are not required, but when they do, there is an obligation to do it accurately or you can have it corrected. In this case, FI has reported and the information is in ERROR

Hunt down? NOw you are reaching, bro. A FI reported to a credit agency and the information is in ERROR. There is NO HUNTING INVOLVED. If there was, it's not the consumer's problem. If they can't verify the info, then it must be removed as per the law.
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ace604 wrote:
Jul 17th, 2017 1:15 pm
Is it more than 90 days since the last report?
Yes
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ace604 wrote:
Jul 17th, 2017 1:20 pm
It's not inaccurate yet. It's just a little old.
According to the law, it is inaccurate and an error and ought to be supplemented or corrected. A claim should force the CA to update the information. OK, they might not be able to do this all the time, but when faced with a claim, they have legal obligations to make the effort to correct or supplement the information.

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