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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
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Posts: 2



114 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: 364



5162 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

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Joined: 28 Jun 2006
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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

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CMBV22

CMBV22

Joined: 08 May 2008
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5162 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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scott

scott

Joined: 28 Jun 2006
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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.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.
cbass1017



Joined: 01 Feb 2008
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Posts: 143
Location: PA


1539 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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misaelwade



Joined: 07 Feb 2011
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Posts: 10



122 Magic Points

 
Posted on Wed Sep 07, 2011 5:40 am  

Paying off balances is always a good thing, but it might not be the most important thing for you to do in your specific situation. The credit score report will explain what from your credit report most impacted your creditworthiness. You can use that information to take action that will over time improve your creditworthiness, which will be reflected in your credit scores. I think that you can subscribe to a credit monitoring service. This provides you to determine the what you need to do and then track your progress by watching the credit score improve as time goes.
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murillo
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Subject: credit report
 
Posted on Tue Aug 07, 2012 11:41 pm  

A couple years ago, I went through a living hell. I was trying
to buy a home, and I had not review or thought about my credit
score, since I never needed it.

Well it took almost three months, to straight things out, wrote dozens of letter to the bureaus,. I had accounts shown that were paid years ago. Stores, the same...

So the best advise, as tedious as it is, every year at least, get
your credit report, even if you don't need it.

Would you believe, I am right now, reviewing mine, which I will
need for a house buying. and it shows again all kind of things.
the is the too many inquires, I don't know who has order these.
Is bad, don't know why, but if some one check your credit
score, goes into your record, It says on mine now. too many
inquires...
So is a pain. I wish, we had, a better system..Hate it..

Just keep records, every year..

murillo

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