I refinanced my house about 2-3 months ago now. The new bank has been on my report since then.. however, the old bank is still on all 3 of my reports also with the balance, and the last time the old one was updated was 1/2003. Anyone know if this is holding my score down where it is (and I should call them and have them set the balance to zero), or is it actually good to have 2 mortgages on a credit report and actually helping my score (so leave it alone, and let them set it to zero whenever they get to it)?
It is up to the mortgage company to report accurate information to the CRA. Since you have newly refinanced, there is a great deal of paperwork going thru the process at your old mortgage company which may explain why they have not reported the account for a few months. Is it usual for them to report on a monthly basis? Some companies report quarterly, even annually. As for your score, I would say it is hurting you for reasons of excessive debt. However, I don't know that the law states the frequency in which a creditor must report information. Unruly
