Internet's first get-out-of-debt community - 135,000 members

Quick question, how long does it take to show that you paid a debt off. I paid a couple of them maybe about 2 weeks ago. Im still waiting to see my credit report saying that i paid it off. I paid over the phone with credit card. I hope i made the right choice. I just wanted to get it over with and pay them off. I know there mine. But i want it to show i finally paid them off so it will erase off my credit.

This site has been truly grateful and a big learning experience

Posted: Sun Jul 27, 2008 9:47 am Subject:

Depending on the data furnishers update cycle it could take 30-45 days. Did you pay a CA(JDB) or an OC? Were they already reporting?

Posted: Sun Jul 27, 2008 8:38 pm Subject:

Well it was allied interstate for a verizon account. I tried to pay thru verizon but they said i had to pay AI because of the date was so old. I paid with CC, and they gave me a ref code of my payment. It was a account i knew i owed so i wanted to pay off. I just hope they update it. All i have left to pay is cmi and midland. I know midland will be like pulling teeth, but i just hope cmi and AI show that i paid. I know i should sent a letter, but i thought it would be smart to show i paid them on my credit card for records that i paid them. OR i should just send a letter with money order in stead.. This is to cmi, midland i still fight them with DV letters.

Posted: Sun Jul 27, 2008 9:17 pm Subject:

Unless you had an agreement with AI regarding reporting in writing before you paid them, there is no guarantee that they will report as paid. I would wait 90 days and then dispute the tradeline. SInce you have already paid, they may not verify as it will cost them to do so.

As for the CMI and Midland, pay nothing until you have an agreement in writing for either pay for delete or pays as agreed.

Guest · Posted: Mon Jul 28, 2008 4:44 pm Subject:

Thank you. Ya i dont really trust CMI or Midland. But i will be sending them out asap.

Posted: Mon Jul 28, 2008 7:57 pm Subject:

Some CA's report all of their accounts every month; some CAs only report in batches as they receive the files and then never report on those accounts again. If they are updating their tradelines every month, then the next time they report they should show a zero-balance - which will usually be within 15-45 days.

If they only reported your account once when they first got the file, then it will take a manual update for them to report zero-balance. Theoretically, they should manually update the account status when it is paid; but they aren't violating FCRA by not updating until you actually dispute it. So they usually don't take the time to update unless you beef about it.

Once you do pay it off and then dispute it, they will be obligated to report that it is a paid collection. They don't necessarily have to remove it when you dispute, but they would have to show a zero-balance/paid status. If you want it completely removed from your credit, you usually have to negotiate that up front and make it a part of the payoff.

You would want, in writing from their company, that upon receipt of your payment, they agree to remove the account from your credit bureaus. Don't take their word over the phone, because they will say anything to get you to pay, and then later you don't have proof of it.

Posted: Tue Jul 29, 2008 9:38 am Subject:

if they dont automatically update it as paid, then they will be reporting information that is old and no longer correct. As long as they dont update the report to show that it is still not paid, most of them seem to think its ok, but technically it is illegal. The FCRA/FACTA requires "furnishers of information" to report information as accurately as possible, and they are responsible for what they report/dont report.

I would wait 45 days or so to see if they update it. If they dont, then I would dispute it with the CRA. Depending on the creditor, many of them wont even bother responding to the dispute inquiry because the effort is considered "wasted", meaning, you already paid so the effort cannot get them any more money, so they blow it off sometimes. If that happens it will simply be removed from your report. If not, then they will answer back and it will be updated to reflect the payment.

Posted: Tue Aug 05, 2008 9:06 am Subject:

Like skydivr said, give it a few weeks time. If you see no changes, then dispute with the CRAs about the validity of the account. The CA has to atleast update it as Paid to reflect accurate information.

If lucky, since the account has been paid they won't take the time to report back within the allowed 30 days for validation, and the account will be removed completely.

I had two GEMB credit cards that were sent to collections with LVNV. My credit reports were showing two derogatory charge-off accounts with the original creditor GEMB, and two derogatory collections accounts with LVNV. After settling the debts with LVNV, within 45 days the accounts were updated to reflect Closed (Paid). Hoping to have them fully removed I disputed the validity of these two collections accounts with the CRAs, and even before 30 days they have been completely removed. My score immediately jumped over 40 points.

I'm now hoping to find a way to have the reports from the original creditors (GEMB) removed.

Posted: Tue Aug 05, 2008 5:47 pm Subject:

All of you really helped me on this one. Thank you again for great info. I have two more once there paid i will wait 30 days a dispute it if it has not changed. And go from there thanks again.

Posted: Wed Aug 06, 2008 7:10 am Subject:

So much having to do with debt and credit repair is just being patient (30-45 days seems like such a long time!) and persistent. Set time aside every month to work on your reports. You never know when something is going to work. Was it the letter you sent to the OC? The DV to the collection company? The dispute to the CRA? The phone calls that you made to everyone under the sun? the combination of all? Who knows? Just keep on top of it and they WILL start coming off, one at a time. Good luck and keep on keepin' on!

Posted: Wed Aug 06, 2008 1:25 pm Subject:

Most creditors report to the credit bureaus at the end of every month. It does take patience. Or you can also contact a credit agency, (like QC credit) I dealt with them before and they update your credit report for a fee if you don't want to wait.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 135,000 members

Paid-How long will it take to update my CR

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post