How long will it take for a creditor to come off of your credit report?

Question

I just paid off a credit card today. How long with it take to come off, and does it improve my credit score?

Answer 1

I don't know if you are talking about an account in good standing, an account that was negative but still with the original creditor or an account that was charged off and sold to a collection agency.

If you paid off the balance on an account in good standing, it should show by the next update (around a month) that it was paid. If the account is a positive account it could remain on your reports indefinitely. And your scores will raise.

If the account was negative but still with the original creditor and you paid off the balance. It will show paid by the update (around a month). The negatives will remain on your report for 7 years. It will negatively affect your scores, but will have less of an affect on your scores as the years go by.

If the account is with a collection agency and you paid without using an agreement that they either delete or show paid as agrees, it will affect your scores negatively and could remain for 7 years.

Answer 2

As always, Echo is correct.

When you pay off an overdue account, then pay it off, the creditor will usually change the status to read "paid" but it will still have notations about late fees or collections. It's still a negative report, and it will still hurt your credit score.

That is why it's very importing to negotiate with the creditor to delete the entry before you pay the bill off. Get the agreement IN WRITING!

dougzinboston....I read your answer and you will go a long was as a corporate accountant. BSBA? Can I guess what the BS stands for?

To the rest, will you please take the time to read the Fair Credit Reporting Act before responding to answers????

Reporting time for negative items is 7 years, beginning on the day of the delinquency.

NOT the last reporting date...
NOT from the date it was paid off...
NOT from the charge off date.....

Answer 3

Depends on the situation. Items such as reposessions take 5 years, bankrutcy takes 7 years. And unlike what Zinga mentioned, it does not guarantee your credit score to go up. Your credit score is not only a measurement of your financial health, it is also a score that compares you to people within your same level of financial health. Once your bad debt drops, your credit score is re-evaluated. Since you're in better financial health than the people you were once measured against, they move you up to a different set of criteria. They then compare you against everyone else within that level of criteria. There is a chance your score will go up, but there is a chance that your score may not move much at all or as high as you expect.

Answer 4

It should come off soon enough and yes your credit score would have improved. Don't accept any offer for new credit cards, as they do a credit check, and this again shows on your score.

Maybe this article will help.

How to Manage Your Credit Card Debt?
http://www.askaquery.com/Answers/qn1579.html

Answer 5

it should come off as soon as they notify the proper people and u can find out if u can go online and see a free credit report...It should improve your credit score...

Answer 6

It will be deleted from your report 7 years from the last reporting date

Answer 7

7 years from last reporting.

Answer 8

it depends on how often that creditor reports...and it won't improve your score much just your debt to income ratio

Answer 9

This easily varies in accordance to state and what sort of debt they're. in the adventure that they are purely a bill, they're got rid of once you pay them off. Now no matter if that is a "debt" and has lengthy gone to collections it fairly works in yet in a unique way. each and each and every state has that's personal guidelines, some states that is upward of three years even as others bypass as a lot as 7 years (maximum are the latter). Now, in case you pay a debt off they could do away with it promptly, yet they could also do what's many times a "write off" which hurts your credit the same as surely a "financial ruin" meaning you ought to artwork on rebuilding your credit in spite of it got rid of. you could favor to lookup your stat guidelines, a company is in ordinary words allowed to "talk" to you about them for see you later in the previous that is needed by employing state regulation to be written off, regrettably for me it extremely is the 7 years. different states have 3, 5 and seven three hundred and sixty 5 days guidelines. this suggests in case you stay in a state that has a three three hundred and sixty 5 days decrease regulation, after 3 years they could no longer assemble it. yet there's a capture, they could reset the clock on you in case you ever say something like "i will attempt to pay" or "I plan to pay" or the different "verbal" contract to pay them. So carry your floor and tell them, "I easily haven't any funds sorry." then in the adventure that they received't allow you off the phone carry up. also, there are guidelines about how they're able to the contact you. you could request "No calls", this suggests they at the instantaneous are not allowed to call you by potential of the debt collector in ordinary words the unique company can then call you, consequently the collector ought to ought to deliver you snail mail to discuss it. perfect approach for that's to easily answer the phone and ask ahead the corporate call, the persons' rep identity (they might want to grant you with this in the adventure that they received't ask for there supervisor), and the phone volume to the contact the corporate. this tips must be used to report a declare antagonistic to them, which could have the debt got rid of while not having to pay it (although that is often written off). desire that facilitates. there are such multiple guidelines accessible, and that i knew a debt collector and each and each and every of the guidelines that were depending round me so it facilitates to get suggested of your rights. even as agencies spoil those rights they have a tendency to do regardless of, such as wiping the series to sidestep any themes. -Saint