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How long to show on credit report that a account is paid off

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karamolkiss



Joined: 30 May 2008
karamolkiss's page
Posts: 2



100 Magic Points
Subject: How long to show on credit report that a account is paid off
 
 Posted on Fri May 30, 2008 3:47 am  
Hi all. I have a question that I hope someone can answer. I am trying to buy a house and we have to pay off our credit first and how long does it take to show on your credit report that a delinquent account was paid off? Thank you all for your answers.
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 378



4034 Magic Points
 
 Posted on Fri May 30, 2008 5:22 am  
If you pay a collection account off it can take up to 45 days for the CRAs to update their info. You really should try to get PFD since they do much more for your credit then 'paid collections' accounts
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scott

scott

Joined: 28 Jun 2006
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4868 Magic Points
 
 Posted on Fri May 30, 2008 5:31 am  
The negative mark of delinquency stays on your credit report for seven years from the date of delinquency even if you pay off the debt. So the best way is to send a pay for deletion agreement letter to your creditor or CA before paying the remaining balance. If they agree, it is good. Else you can pay off your debt because after the full payment of your debt, it will be automatically mentioned in your credit report as paid off, but the negative mark will not be deleted which will hamper your credit score. However, still it will be easier for you to get the home loan if the credit report shows that the debt has been paid in full.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 378



4034 Magic Points
 
 Posted on Fri May 30, 2008 5:35 am  
I agree with Scott but, what I meant was it will take up to 45 days for the CBs to change the debt status from collections to paid in full etc. Then the listing will remain for 7 years from the original date
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****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

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scott

scott

Joined: 28 Jun 2006
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Posts: 180



4868 Magic Points
 
 Posted on Fri May 30, 2008 5:44 am  
Yes I agree with you. The status will change to paid in full after 45 days from the date of full payment, but the delinquent listing will remain in the credit report for 7 years from the date of delinquency.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
cbass1017



Joined: 01 Feb 2008
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Posts: 89
Location: PA


353 Magic Points
 
 Posted on Fri May 30, 2008 11:34 pm  
A good idea is to keep a copy of the check or reciept for the money order in which you used to pay off your debts. Always remember to write the account number on the memo of the check. Than as soon as it is paid you can file a dispute with the credit bureaus to update the account info which should only take 30 days. Some collection agencies/creditors can take a long time to update your credit info.

If you have the time I would first try Scott's suggestion about the pay for deletion letter. Not all places will agree to it but it is well worth the wait if they do.
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DiYCreditGuide.com
 
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