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Arya
Joined: 19 Aug 2009
Arya's page
Posts: 46
1190 Magic Points
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Subject: Credit Report Etched In Stone
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Sun Sep 13, 2009 10:58 am
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| I just checked my credit report I noticed that there was stuff still on there that I have paid off ...why? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Tue Sep 15, 2009 11:34 am
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Hi Arya,
When did you pay it off? Normally the Credit Reporting Agencies take 3 months to update any alterations made on the credit report. Hence, keep checking your credit report from time to time. You might also call the Credit Reporting Agencies to find out the time during which they update information. The process of updating is not same for the 3 CRAs.
However, if you still find the item present in your credit report, then dispute it. Write a dispute letter to the agency stating that you have already paid off the debt providing a proof attached to your letter. To find out the sample dispute letter you can visit this link: http://www.creditmagic.org/repair/dispute-letter.html
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Wed Sep 16, 2009 12:47 am
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| Arya, If they are showing paid off, they still stay on regardless. If it is an account in good standing then this is a good thing for you. Any good account whether paid in full or timely payments being made will help build your score. |
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jassica
Joined: 13 Sep 2009
jassica's page
Posts: 76
10 Magic Points
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Fri Oct 02, 2009 6:57 pm
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This depends on when you last paid off your debt and when you last checked your credit report. The typical credit reporting cycle is 90 days, or quarterly. It could be that your credit report has not yet been updated. There's quite a bit of information on the Bills.com Credit Report Information page.
Many of the larger banks and finance companies report updated information to the credit bureaus every month. However, some smaller financiers only report on a quarterly basis. Depending on the lender, it could take as long as several months for updated account information to appear on your credit reports.
If a particular account that you have resolved is causing your problems with your credit score, you can dispute the listing with the credit bureaus, which can speed up the reporting process. The credit report dispute process is important to understand because credit reports are notoriously inaccurate, and creditors are often very slow to report current and accurate account information. Each of the three credit bureaus (Experian, Equifax, and TransUnion) allow consumers to dispute credit report listing online; you can access each of the credit bureaus online through AnnualCreditReport.com, where you can also request a free copy of your report from each company.
The Federal Trade Commission also offers a guide to disputing items on your credit reports, available at FTC Credit Advice . |
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