Bank of America is one of the largest banks in the USA. If you use Bank of America’s credit card then this bank usually reports to the credit bureaus monthly within 2/3 days after the end of a cardholder’s monthly billing period. While reporting, Bank of America reports a credit card’s credit limit, account balance, payment history, and a few other information to all three major credit bureaus that include TransUnion, Equifax, and Experian.
Key Takeaways
- The banks must report to the credit bureaus monthly and mostly on the billing cycle date
- The billing cycle date is also known as the statement date
- You can easily get your credit report for free from AnnualCreditReport.com
- There are various ways you can make your credit report better like removing delinquent accounts, paying down existing debt, increasing the credit limit, etc.
How Often Do Credit Card Companies Report To The Credit Bureaus?
A credit report is a very important aspect of personal finance and the above is a very important and common question among people who have credit cards. Usually, the answer to this question heavily depends on the credit card you use as well as your financial situation. However, the reporting time varies from card to card. While banks want to report one of the three major credit bureaus, they have to follow the guidelines properly. The banks must report monthly and mostly on the billing cycle date. The billing cycle date is the date when the banks issue your charges for the most recent billing cycle. This is also known as statement date. Moreover, some credit card companies might report your information in the middle of the month while other companies might report at the end of the month. So, there is no set date, day, or time for the banks to report as long as the banks are following the rules.
List Of Bank Of America Credit Reports Data
| State | Credit Bureaus Used |
| Alabama | TransUnion |
| Arkansas | Experian |
| Arizona | Experian |
| California | Equifax, Experian, and TransUnion |
| Colorado | TransUnion |
| Florida | Equifax, Experian, and TransUnion |
| Georgia | TransUnion |
| Illinois | Experian and TransUnion |
| Kentucky | Experian and TransUnion |
| Maryland | Experian |
| Massachusetts | Experian |
| Mississippi | Experian |
| Minnesota | Experian |
| Missouri | Experian |
| Nevada | Equifax and Experian |
| New Jersey | Experian |
| New York | Experian |
| North Carolina | Equifax, Experian, and TransUnion |
| Ohio | Experian |
| Oregon | Experian and TransUnion |
| Pennsylvania | Experian and TransUnion |
| South Carolina | TransUnion |
| Tennessee | Experian |
| Texas | Experian and TransUnion |
| Virginia | Experian |
| Washington | Equifax, Experian, and TransUnion |
How To Check Your Credit Reports
There are lots of options available when it comes to checking your credit report. You can easily get your credit report for free from AnnualCreditReport.com. This website won’t charge you any money and won’t force you to signup using a credit card. This is the only government-sanction website that provides a free credit report from each major bureau. Here is the detailed process of how you can check your own credit report –
1. First, open the browser of your computer and then visit AnnualCreditReport.com
2. When the new page loads, enter your information accurately and double-check it
3. You’ll be asked verification questions; answer the questions accordingly
4. After answering the verification questions, the report will appear in front of you
5. Save or print a copy of your report as soon as you get it
6. Make sure to pull your report from a different bureau every four months
How To Make Your Credit Report Better
It is very important to maintain a high credit score and keep the credit report clean. Therefore, check your credit report and start working to improve your credit. There are various ways you can make your credit report better. Let’s check them out!
1. Fix Any Errors
The first thing you should do when you collect your credit report is to check the report for any errors and then fix them. Errors in a credit report are very common. If the lender misreports information on your credit report, then you could have bad data on your report. Look for errors like missed payments that shouldn’t be there, accounts that you didn’t open, etc. These types of errors can hurt your credit score therefore you should fix the errors as soon as possible.
2. Remove Delinquent Accounts
If your credit report has negative records like defaults or unpaid debts then you should start negotiating with those creditors to pay them back and have the mark removed from your file.
3. Pay Down Existing Debt
If you have lots of debts then you should try to reduce your total debt. This is because if you borrow lots of money then the lenders might worry that you won’t be able to make payments on a new loan or credit card.
4. Increase Your Credit Limit
You should try to increase your credit limit because it will make your existing debts look like small. Moreover, it will also improve your credit score which is very important for getting a big loan.
FAQs About When Does Bank Of America Report To Credit Bureaus
How Long Does It Take For A Credit Score To Update After Paying Off Debt?
Usually, it takes one to two months for a credit score to update after you have paid off all your debts. This is because most of the lenders report to the bureaus on a monthly basis and most of the time when the monthly account statement is generated.
What Day Of The Month Does US Bank Report To Credit Bureaus?
Most, US banks report to credit bureaus on the first Friday of the month. It is not a fixed or mandatory date but most banks report to credit bureaus on this day.
Which Credit Bureau Does Bank Of America Check?
When you apply for a new credit card or loan, the Bank of America is most likely to check your Experian credit report. Then Bank of America will check the Equifax credit report. Finally, Bank of America will check TransUnion data.
What Day Of The Month Do Credit Agencies Report?
The credit agencies usually report on the billing cycle date. It is also known as the statement date. Usually, credit card companies charge for the most recent billing cycle on that day.
What Score Does Credit Versio Use?
Credit Versio most of the time imports and analyzes the 3-bureau credit report and looks for negative accounts. Finally, they prepare an aggressive dispute strategy based on their strategy.
References: 1 https://www.creditglory.com/education/when-does-bank-of-america-report-to-credit-bureaus
References: 2 https://www.bankofamerica.com/help/goodwill-adjustments/
Last Updated on October 26, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
