Credit Reporting/ timeframes

Hello,

I hope you can help, my payments have been timely and mostly overpayments since I opened the account with Tymit.

Could you tell me how long this will take to appear on my credit report please?

I have been approved for a mortgage and it expired, I started again and when i re-applied the lender is asking if I have a credit card with over 50 % of the available credit being used? I paid off a large amount yesterday. How long will it be before it shows and will Transunion, equifax be updated?

Many thanks for your support in this regard.

Penny.

Hi Penny,

Tymit can be a bit hit and miss when it comes to reporting to CRA’s. There is much discussion around it on here.

If you hit the search and type in credit reporting I’m sure you will find plenty of content on the subject.

Credit reports are usually around 6 weeks out of date. Tymit submits around the second week of the month I believe and then it needs to be processed via their CRA. They are only reporting to one currently.

Thanks Jase, so if your last payment was the end of the month, it’s possible that it won’t show until the following month?

I opened the account with Tymit on the 2nd of January 2022; none of the credit agencies are yet aware of it on April 2nd 2022.

So from opening it looks like it’s possibly 6 months before it has any effect on the credit score. The lender has asked for two lines of credit, we didn’t have this so we’re trying to build credit. It’s disappointing as we have gone from passing to failing on the credit scoring.

Thanks again for your help.

Thanks Billy, will look into it.

Hey @Pensterrolls - That sounds like an error you should contact support@tymit.com about. I don’t actually check my Experian report so am not sure if mine is reporting but I know others have had issues with getting their reporting shown.

Make sure you specifically look for services that report to the same Credit Reference Agency that your lender is using for checks.

If the information on your Experian Credit File is factually incorrect as it’s out of date by say two months then you have every right to dispute the information.

If Tymit are unwilling to help in the first instance then reach out to Experian.

You can also ask for a notice of correction to be placed on your Experian credit file.

AFAIK Tymit only report to Experian ATM.