Paid off all collections...how long before Credit Report gets better??
Date: Thu, 05/14/2009 - 05:31
We do have 'clean' credit from 6 credit cards (several store cards hardly ever used and 4 major cards with small balances...showing all payments made on time), and the CR report shows perfect payments for 4 years on 2 car loans (one paid off, the other a 8 month old car loan).
We also made about a 50% reduction on our credit card balances.
My question is, how long realistically will it take to see these items reflected on our CR and in our FICO score?
these collection accounts will reflect on your credit file 7 yrs
these collection accounts will reflect on your credit file 7 yrs +180 from the date of first delinquency that caused the current reporting action per fcra. with that said, due to the age of these accounts, most of them will begin to fall off your report soon within 1-2 years. as for how that will raise your score, its anyone's guess..the formulas used for the scoring models is not public info-so only fair issac really knows..but your score should improve when they start to drop off your report..just paying the collection account does not make it go away from your credit report sorry-even i wish it did!
It can sometimes take 30-45 days for a tradeline to be updated b
It can sometimes take 30-45 days for a tradeline to be updated by the data furnisher and your FICO score will increase as they are updated. I would make every attempt to dispute the collection accounts off your reports since a paid collection (or settled) is still a derogatory.
