2006-07-15 02:36:21 · 6 answers · asked by vaughn w 1 in Business & Finance ➔ Credit
Vaughn, some if these answers are all over the places, and I'd expect that from laymen. But from one who calls himself thylawyer, shame.
It is true that we have little control over the scoring process but I would allow thirty days for score adjustments. As You indicated, the collection account was removed from your report. I don't think anyone at the credit bureau gets up in the morning and, while having coffee, decides that "I think I'll ck Vaughn's scores today".
I have, in the past, written the bureaus requesting a score evaluation which resulted in a 20 point jump.
Thylawyer's answer troubles me because, as far as I have seen, no settled or paid account has ever negatively effected scores. A settled account, if you want it taken off, can be disputed in as little as one year after settlement. So is he really a lawyer? If so, he would or should know how the dispute process works. Or worse, if he's in the credit repair business he needs to find another line of work.
2006-07-15 04:09:15 · answer #1 · answered by David H 3 · 0⤊ 0⤋
7 to 10 years
2006-07-15 13:20:14 · answer #2 · answered by King Midas 6 · 0⤊ 0⤋
Unfortunately there is no real time for it, in a perfect world it would happen immediately. You have to keep after the creditors to remove the item (or mark it paid). All they care about is their money. Look at your credit report, sometimes collection accounts can multiply into 2-3 items on your report (ie: original debt..then the collection agencys)
2006-07-15 10:00:52 · answer #3 · answered by Peter 3 · 0⤊ 0⤋
If the account was removed because it wasn't supposed to be on your record, the score should reflect it within a few days.
If the removal is because you paid it off or setlled it, it will stay on your record for 7 years and will slowly lose its effect on your score over time.
2006-07-15 09:42:15 · answer #4 · answered by thylawyer 7 · 0⤊ 0⤋
it took a couple of years for mine to finally go up. I had to settle a collection due to getting ripped off by a sublessee back in the spring of 2004 and finally this year my score went up around 50-70 points, I believe.
2006-07-15 09:47:04 · answer #5 · answered by heterophobicgirl 5 · 0⤊ 0⤋
It depends on how long it takes for the company to report to the credit bureau that you did what you were supposed to do.
2006-07-15 09:40:17 · answer #6 · answered by whirlwind_123 4 · 0⤊ 0⤋