 What do you know about Equity Bank Of Nigeria? |
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Nelson G | Once you paid your balance of a bill, how long does it takes for it to be removed from your credit report? |
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Studly
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Echo is correct here....let me explain how the "game" is played.
Credit reporting agencies report whatever a creditor tells them to report. It will not be removed for a period of 7 years (beginning on the day of the default).
However, they will remove or edit the report if the creditor tells them to remove it. That's the law! The trick is trying to convince the creditor to do it.
When you pay your bill, the creditor will update your report to show "paid". However, the negative information about late payments or collections will remain. Therefore, this type of change does you no good at all.
Echo mentioned a "pay and remove" letter. What that means is you tell the creditor BEFORE you pay them a dime that they must remove all negative information from your credit report, or edit it to read "paid in full, as agreed". Otherwise, you have just paid off a debt but will still have bad credit. What's the point?
Unfortunately, you say that you have already paid off the bill. You have now lost all leverage over the creditor, and it's not very likely they will now agree to delete this entry. The best you can do now is demand that the report be edited to at lease reflect the bill is paid. This should happenen within 30 days. Send a letter to the credit bureau and inform them of the error, and demand an investigation.
Follow the dispute procedures in the Fair Credit Reporting Act, and if this is not fixed you have grounds to take them to court for posting inaccurate information to your credit history.
Good luck, next time don't pay unless they agree IN WRITING to fix your credit. |
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echo
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If you are talking about paying a credit card bill while the card is in good standing, the balance will be updated on the next reporting date, usually a month.
If you paid off a balance on a card that was in a negative status, and is with the original creditor or a collection agency, it will remain for about 7 years from the date of first delinquency.
If the account is in a negative status or charged off and with a collection agency, you should use a pay for delete letter before paying. Otherwise it will just be updated to a paid negative/charge off.
Whether you have paid yet or not, I would suggest going to the site I've listed and do some reading. |
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Sara
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It's never removed. It's call credit history for a reason.
What does happen is it shows up on your report as paid. As you move forward and get new credit the new credit will weigh heavier on your score than the old collection and maybe after 10 years it'll drop off. But I have seen reports with paid collections 15 years or older. |
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ed
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If you have paid off a debt, that was previously on your credit report, paid in full, it then will be reported as "slow pay".
This may have an affect 1-3 years, or less.
A far cry from "unpaid". You may/likely be able to get credit in a limited amount. As that is paid faithfully, it can be raised. That's the manner in which credit is repaired. |
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tiffany_xviii
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Whether it's good or bad, it'll be on there for 7 years I think. |
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junebug
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It will be removed when the party notifies the bureau. If you like you can contact the creditor to see if they have submitted the information that a balance has been paid in full. |
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femmenoire@sbcglobal.net
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That account will show up on your credit for 7 years. |
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itsmeagain
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Things stay on your credit report for usually 7 years. |
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Hot Pants
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It won't be removed for quite some time, but it will be changed from being owed to being paid. |
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bostonianinmo
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Negative information stays there for 7 years from the date of last activity or 10 years from date of discharge for bankruptcies. Make sure that it reflects the fact that it has been paid in full.
Positive informaion remains permanently to show the length of your credit history. I have mortgages that were paid off decades ago still showing up on mine. |
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ronscott1951
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Depends on how late you are, and the amount. More than 30 days it stays on for a couple of years, more than 90 days, I think it stays on for 7 years. If it's over a certain dollar amount, then it gets more serious, not only time, but a different code. But you can still buy a car or house with a good down pmt, as long as it is paid in full. Realtors and auto dealers can work around a lot of bad history if you actually did eventually pay it off. Ron |
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craig_45205_98
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unfortunately it takes 7 years. |
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M MARTIN
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ok the seven years isnt true if you pay them and ask them to take it off they have to my husband got into debt before we got married and we just now got it paid and we had them take it off bc there is something we are wanting to buy and his credit is six point shy of what we needed and they are working with us on it so its all about how much effort you want to put into it |
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