When does the Capital One Platinum card report to credit bureaus?

Capital One reports to the credit bureaus on a monthly basis, usually on the monthly statement closing date or a few days after. Capital One doesn’t disclose exactly when they report to the major credit bureaus (Experian, Equifax, and TransUnion). However, users in online forums seem to agree that Capital One information reaches your credit report a few days after the date your statement is issued, and in some cases, on the statement date.... read full answer

If you're aiming to report 0% utilization on your Capital One card, pay the whole balance due before the statement closing date and you should be set. But to be absolutely sure, you can pull your credit report. The last date your Capital One card reported information will be listed.

You can attempt to add positive accounts to your credit report by requesting that your lender report your account to the three major credit bureaus. Some lenders report to just one or two of the major bureaus (Experian, Equifax, TransUnion), so your credit report may vary based on which company is putting it together. Others may choose not to your report at all, as there is no law that requires lenders to report information to the credit bureaus.... read full answer

Most major lenders report to at least one of the major credit bureaus, so you are only likely to run into this issue with smaller, local lenders. If you are hoping to add more open accounts to your credit report, there are also services available to add rent payments and utilities to certain score calculations.

You can apply for a secured card and use it responsibly, too. This will help you boost your credit score organically.

In order to report to the credit bureaus, a business must first qualify as a data furnisher. Depending on the credit bureau, the business may need a minimum number of customer accounts in order to achieve data furnisher status. For example, TransUnion requires a business to have at least 100 customer accounts. So, a local credit union, for instance, would need at least 100 customers with credit accounts to become a data furnisher with TransUnion.... read full answer

The process of becoming a data furnisher also requires meeting minimum standards set forth by the Fair Credit Reporting Act, including making regular data uploads and meeting certain technological requirements. The business must become a paying customer of one of the three major credit bureaus, too.

You can contact each credit bureau’s sales department for more information regarding your specific situation.

Experian

1-800-831-5614

Equifax

1-800-879-1025

TransUnion

1-800-813-5604

Ultimately, it may be worthwhile to become a data furnisher if your business regularly provides credit to customers. But the cost of becoming a data furnisher could be prohibitive if you just want to report a small number of customers who are delinquent on payment. In that case, you would be better off turning the accounts over to collections.

You can legally turn a customer account over to collections once the account is 31 days past-due. Once you select a collection agency to take over your customer debt, you will agree on payment for their services, which is usually charged as a percentage of your customers’ debt. After the collection agency takes responsibility for the account, you will write off the account as a bad debt expense.