Creditor not updating report

I don't know the answer Goudah, but would like to!! I have been told the same thing, about it taking at least 30 days, etc. Maybe someone can give us more info on this!..KAren

Yeah, it just doesn't seem right. 30 days + just to get a letter or update the report?

It isn't right- the bad part is, a few years ago, I gave them their 30+ days, still couldn't get them to update for many months later, then I contacted the credit agencies!..KAren

It takes less than five minutes to send a universal data form to the credit bureaus. If you have proof of the cashier's check,that should suffice for potential land lord. I would call collector and tell them to fax a receipt to the complex. Lastly you could get the fax numbers for the bureaus from each and fax a dispute attaching a copy of cashier's check receipt. This is why we always push to get everything in writing.

Thanks Cajun!! You ar right anout getting everything in writing- I learned that coming to this Forum!! :D Karen

Creditors and collection agencies usualy report anywhere between 30-90 days.

I am in the same situation, but it should not take that long for the collection agency to send a letter stating the account was paid in full. They should have sent the letter out once they received the payment. AS for updating the credit report. Im afraid it is going to take at least 30 days, to speed up the process i disputed my credit report to update the account as paid, it seems to work faster.

UDF's are a thing of the past, bureaus no longer accept them. AUD (Automated UpDate) have replaced the UDF since 2005. But it does only take a creditor/CA roughly 5 minutes to go online and submit an AUD.

However, creditors/CAs generally have a regular reporting cycle, in which they report all of their accounts every month. My company, for example, reports our accounts on the last day of every month. And so if one of my customers pays the account off on 8/1, then it won't be reported until our next mass update on 8/31.

Data furnishers really are not required to drop everything they're doing to go report a new balance or account status. 30-45 days is generally acceptable.

A PIF letter, on the other hand, really shouldn't take that long. In the case one of my customers comes into my office with good funds, I will print them a PIF letter right then and there. These days, though, there are cases of conterfeit money orders and cashier's checks floating around, so it isn't necessarily unheard of for them to wait for the funds to clear before issuing a PIF.

Two weeks should be more than ample time for a creditor to make sure the funds are clear. After 2 weeks, you should request them to fax you a PIF/release letter.

Quote:

How can a money order bounce Morning? U've already paid the cash for it... Maybe the place u bought it from didn't have the money to pay it? Interesting...
Goud, from what i know it does indeed take 30 to 45 days for updates on ur report even if u dispute it. They give that much time for response...
Sorry, wish the news were better for them.
Ang

The woman took her reciept in, got a refund, then mailed out the MO a week or two later.

Ahhhh that's why! Thought she was being smart huh? *shakes head*
Some people!
Thanks for explaining that one to me!
Ang

It's things like that, that make companies wait 15-45 days before issuing a PIF. Few bad apples spoil the barrel.

I had a lady come in one time with a check from Citi Financial - ie she took a loan out from them to pay me off - happens all the time. Being that their checks have never bounced on me, I gave her the title to her car and stamped "paid" on her contract.

As soon as she got her title from me, she went running to Citi and came up with a story how she lost their check. So by the time I deposited it and the check reached their bank, Citi had stopped payment on it. Now, since I had already given up the title, I could not reposess the vehicle.

I ended up suing her over it, got paid through a garnishment, and her little scam cost her about $800 in legal fees & court costs. Lesson learned for me ... unless someone pays me cash, I wait 2 weeks for it to clear before I release the title.

Now wouldn't that be illegal on her part? Couldn't Citi Fin have pressed charges against her? Humm... Interesting how people do these things!
Guess nothing should surprise me... but it does
Ang

That is a bunch of crap. I had an account turned over on my credit bureau report pertaining to a medical study as past due for $1100.00. They were incorrectly reporting it as being delinquent. When I notified my dr's office as to the status of my credit report they quickly notifed all three credit bureaus and it was taken care of that same day. What they are telling you is a bunch of crap. They could take care of it in about 15 minutes. They just need to get off their lazy ****and do there jobs. (excuse me for being too direct, but it makes me :twisted: )

ladybug

[color=Red]****Adult term removed - Jason[/color]

I agree with you , the service at all the creidt reporting agencies are horrible. I have been trying to correct something since Nov. Its like talking to a door knob.