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Expert: Ontrack Financial Group llc - 11/16/2008


Question
I have an AMEX charge card, which requires me to pay the balance off each month.  I noticed on my credit report that AMEX "reports" my balance approx four days before the period ending.  e.g. If my period ends on the 10th, it reports my balance as of the 6th.  

The problem with this is that it reports my balance at the peak. I don't think this is fair since I always pay off the balance every month.   This is hitting me even harder since I added my husband to the account and the balance is even higher.  I don't use any other credit card and carry no other debt. I'd like my credit report to show $0 outstanding balance.  

My question is, does AMEX report balances at the same time for everyone, or is it arbitrarily and purposely reported a few days before the statement ending period?

Answer
Mary,

Thank you for your question.

After speaking with a contact at Amex. Amex reports 4-5 days prior closing date.  They operate this way because

1. various FCRA laws require the company has to report accurate monthly information to the credit bureaus.
2. most of their products are not revolving terms  

For instance, your situatuion.   Even though the card is paid off every month, there is still a borrowed amount.  The borrowed amount has to be reported.  

Best Regards,

Eddie Saleh

Ontrack Financial Group llc

Collections Law

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