Banks are entitled to report to credit bureaus regularly, and Bank of America is not an exception. Banks have to report to credit bureaus monthly. However, they can also report more frequently if they encounter significant changes in account holder status.
If you are interested in Bank of America’s reporting process to credit bureaus, this guide will give you an overview. By the way, when does Bank of America report to credit bureaus? Or, you might be curious to learn which credit bureau the Bank of America reports to.
This guide walks you through everything associated with how often Bank of America reports to the credit bureaus. So, you will get precise information about the timeline when you can make corrections in your report. Let’s check out when Bank of America discloses information to credit bureaus.
When Does Bank of America Report to Credit Bureaus?
The short answer is monthly. Bank of America reports to credit bureaus monthly just within a few days after the cardholder’s monthly billing period is generated. Bank of America reports applicants’ account information to credit bureaus.
After that, credit bureaus might take a few days to update the record. However, the scenario is different for new account holders. Reportedly, their credit details take 1 or 2 billing periods after the account holder receives the credit card. However, the bank conveys the account information to the credit bureaus.
Which Credit Bureaus Does Bank of America Report to?
Bank of America can report to all 3 major credit bureaus: Experian, TransUnion, and Equifax. However, does Bank of America report to all 3 credit bureaus simultaneously? Apparently, Bank of America might report to a specific credit bureau instead of all 3.
Moreover, it depends on the account holder’s home state and relevant factors. Here are the contact details and addresses of Bank of America and 3 major credit bureaus:
- Bank of America – Contact no.: 1 (757) 677-4701 / 1 (315) 724-4022; Address: Bank of America, Charlotte, North Carolina, United States
- Experian – Contact No.: (888) 397-3742; Address: Experian, P.O.Box 4500, Allen, TX 75013
- TransUnion – Contact No.: (800) 916-8800; Address: TransUnion LLC Consumer Dispute Centre, P.O.Box 2000, Chester, PA 19016
- Equifax – Contact No.: (866) 349-5191; Address: Equifax Information Services LLC, P.O.Box 740256, Atlanta, GA 30348
Additionally, we have included a list that shows which credit bureau Bank of America reports to according to an applicant’s home state. So, check out the states and corresponding credit bureaus Bank of America uses for reporting purposes:
- Arizona – Experian
- Alabama – TransUnion
- California – Experian, TransUnion, and Equifax
- Arkansas – Experian
- Georgia – TransUnion
- Colorado – TransUnion
- Florida – Experian, TransUnion, and Equifax
- Maryland – Experian
- Illinois – Experian and TransUnion
- Massachusetts – Experian
- Kentucky – Experian and TransUnion
- Missouri – Experian
- Ohio – Experian
- South Carolina – TransUnion
- Nevada – Experian and Equifax
- Mississippi – Experian
- Pennsylvania – Experian and TransUnion
- Minnesota – Experian
- Texas – Experian and TransUnion
- New York – Experian
- Oregon – Experian and TransUnion
- Tennesse – Experian
- North Carolina – Experian, TransUnion, and Equifax
- Washington – Experian, TransUnion, and Equifax
- New Jersey – Experian
- Virginia – Experian
What Data Does Bank of America Report to Credit Bureaus?
Bank of America reports account holders’ financial information to credit bureaus. How often does Bank of America report to credit bureaus? The institution reports to credit bureaus monthly after the account holders’ monthly billing cycle date.
However, you might be interested in which type of information Bank of America reports to credit bureaus. Overall, Bank of America can report the following details of an individual account holder to credit bureaus:
- A credit card’s limit
- Payment history
- Account balance and relevant information
Does Bank of America Offer Credit Reports for Free?
Yes, it does. However, you must have enabled online banking. Otherwise, you should be a credit card customer of Bank of America to reap the benefits of a free credit report from this bank. Hence, contact Bank of America and check out your credit report for free.
However, you must review your credit report and look for inaccurate, derogatory information. If you encounter anything suspicious or something you haven’t approved of, you can inform the bank to rectify the mistake. Make sure that you have evidence to dispute the item in your favour.
If you find a Bank of America credit report dispute, you can counter-check your credit report using annualcreditreport.com. All 3 major credit bureaus operate this website. So, you can get an accurate report here. Just open up a web browser and navigate to the website.
Next, provide your details carefully and answer all the verification questions. Your credit report should open up, and you can save a copy or print it if you like. How frequently should you check your credit report?
It’s best to pull your credit report every 4 months. Additionally, try different credit bureaus for correct information. However, beware of fraud credit report-checking websites.
Can Credit Bureaus’ Updates Impact Your Credit Report?
Bank of America’s credit reporting instance is a small portion of your entire credit report. So, your credit report depends on other creditors, too. Additionally, they might prefer other times of the month to submit your credit report to credit bureaus. The more information your credit report gets, the more your credit score can dwindle.
According to financial advisors and experts, the following factors can impact your credit score:
- All creditors don’t report to every credit bureau. Consequently, your credit report might vary.
- Only some companies use the same scoring term. Some might use FICO, others utilise VantageScore, and others use another scoring formula. So, this can also affect your credit score.
- Your credit report keeps changing consistently because credit bureaus keep adding new information now and then.
Who else can report your credit score to credit bureaus? The following companies can contribute to your credit score and overall credit report performance:
- Department stores
- Creditors, you need to pay monthly instalments
- Non-bank credit card issuers like Diners Club, American Express, Discover, etc.
- Oil and gas companies
How Can You Improve Your Credit Report?
So far, you have learnt how often Bank of America reports to credit bureaus. Additionally, you must keep your credit score high and your credit report free from discrepancies. We have included how you can make positive changes to your credit report and improve it. Here’s what you can follow:
Correct Errors
Check out if your credit report has any errors whenever you pull it. Commonly, people keep discovering errors often in their credit reports. You may find one or more errors on your credit report. Now, the trick is to fix them.
You must report the error to the corresponding credit bureau if any lender misreported your credit information. For example, you can look for accounts you haven’t opened, loans you haven’t applied for, missed payments, etc. on your credit report. Moreover, try to fix them as soon as possible.
Delete Delinquent Accounts
Does your credit report have negative records? Unpaid and defaulted debts are counted as negative records. So, check if your credit history mentions such things or not. If you find any, contact the corresponding creditors and repay them. This will remove the negative impression from your credit report.
Extend Your Credit Limit
You can repair a credit report yourself. Try to increase your credit limit. As a result, this will make your outstanding debt appear small. Moreover, your credit score will improve eventually, and you can get bigger loans or credit.
Reduce your Overall Debt
Pay down your existing debt if you have lots of it. Reduce your outstanding debt, and it will improve your credit score. Thus, creditors and lenders can trust you if you apply for a loan again.
Which Credit Bureau Does Bank of America Inspect When You Apply for a Credit Card?
Bank of America is more likely to check your Experian credit report if you apply for a credit card from this bank. After that, the bank will move on to Equifax, followed by the TransUnion credit report.
When does Bank of America report to credit bureaus? Already you got the answer. However, most US banks report to credit bureaus on the first Friday of every month. Hopefully, it helps.