Please help, I'm trying to get my credit back in shape to buya house. If you have any expertise in this area, it would help me alot.
2006-10-29 00:13:39 · 8 answers · asked by Edward J 3 in Business & Finance ➔ Credit
You don't, your credit Card companies, loans etc do that for you. The first good tier you want to reach is (6) Month's with NO lates etc. Then get a year under your belt (perfect history). Pay down all credit cards to below 5% utlizations...better is Zero balances on all cards.
You will see your score rise each Month with a good plan. Try to get your score(s) all over 700 to get the best rates...760 would be great but try for 700.
2006-10-29 01:30:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Waiting for the companies to do it takes too long. Write a letter to the 3 credit bureaus, informing them that you've paid the account, include copy of canceled check/money order, letter from company saying you've paid it, whatever you have. Tell them you want it updated immediately. They won't use your proof but they will notify the company that you say you've paid it. Then they'll update it. Most companies are good at reporting it, but some really don't care, once they've gotten money from you they don't care if your credit gets fixed or not. I'm not sure where you live but the 3 major bureaus are Transunion,Experian, and Equifax. I live in Ohio and we don't use Equifax instead we use CSC Credit it's a subsidiary of Equifax. You can actually go one Equifax website and put in your zip code and it will let you know if you need to contact them or CSC.
2006-10-29 23:31:20 · answer #2 · answered by NETTA M 3 · 0⤊ 0⤋
Financial institutions update your account information (balance, payment history, status) once a month. It's done electronically and in most cases, there is not a way to ask them to update it sooner. If you are applying for a loan and need something immediately, the bank should be able to fax you or the new creditor a credit reference letter which gives basic information about your loan including the current balance.
2006-10-29 08:18:34 · answer #3 · answered by Sarah 2 · 0⤊ 0⤋
You can call them directly and ask for the procedure. Most of them expect you to write a letter detailing what you paid off and they are required to take it off your credit report within a certain time frame. Since there are three major credit reporting companies Equifax, Experian and Trans Union, you will have to write the letter to all them separately.
2006-10-29 07:23:18 · answer #4 · answered by redstorm 3 · 0⤊ 0⤋
The companies notify the credit bureaus
2006-10-29 07:19:35 · answer #5 · answered by waggy_33 6 · 1⤊ 0⤋
Your creditors should report it automatically. The credit bureaus won't take your word that you paid without confirmation from the creditor. If they did, everyone would have and excellent credit score.
2006-10-29 13:16:16 · answer #6 · answered by STEVEN F 7 · 0⤊ 1⤋
That should show up on your credit reports fairly quickly. You could show proof of it to your mortgage company as well.
2006-10-29 07:16:03 · answer #7 · answered by Shane 5 · 0⤊ 0⤋
The company you owed the money to would report it as paid in full. This could take a week or two to show up on your report though.
2006-10-29 09:01:50 · answer #8 · answered by mtldon1 4 · 0⤊ 1⤋