The collections agent said she deleted it. However I pulled my report just now and it is still on there.
2007-01-19 06:48:24 · 8 answers · asked by crimsoncognac 1 in Business & Finance ➔ Credit
I believe that if it was a mistake that you had a collection record, that you will get an amended 'credit report' and it will be deleted immediately.
You may have to call the credit agency and contest it.
I had something on my credit report that I never even knew about. I contested it and within a few weeks it was gone.
Might take a few phone calls to the credit report companies and the collections agent, but where there is a will there is a way.
make sure you ask for an amended Report for your records when it is all said and done.
2007-01-19 06:54:12 · answer #1 · answered by lil' angel 6 · 1⤊ 0⤋
I disagree that it has to stay on for 7 years if they were the ones that made the mistake. I would get something in writing saying that it is being removed from your credit report. This is good to keep for future reference, but also if you're applying for a loan in the next few weeks or months in case it lingers on your report in some form.
Most likely you won't see your credit report corrected until after the first of next month. Most banks, creditors, and collections agencies only report to the crediting agencies (Equifax, TransUnion, and Experian) once a month, usually at the end of the month. So you might not see it corrected until that happens.
2007-01-19 07:04:27 · answer #2 · answered by aj1020 2 · 0⤊ 0⤋
It will take a few days, however if you are trying to get a loan at the present time, and you have a written letter from the collection agency stating that the collection record was an error, you can do what they call a "rapid re-score." You will need to provide this letter to all 3 major credit reporting agencies (Trans-Union, Equifax and Experion) and you will typically have to pay $15 to each of them to do the re-score. Even with a rapid re-score it will take a few days for the error to be corrected.
2007-01-19 06:54:55 · answer #3 · answered by Freak Boy 3 · 0⤊ 0⤋
Never believe a collection agent. Just because he tells you it's being removed you can not believe it.
If you have a letter from the collection agent, mail it, a letter of dispute, and a copy of your credit report showing the listing is still on your report.
If it's not removed within 30 days you now have grounds to sue for $1000.
2007-01-19 12:02:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It probably won't immediately be removed from your credit history automatically. You may need to have the credit reporting companies (Equifax, Experian, and TransUnion) contact the collections agency to informing them that the dispute has been resolved and the negative information should be removed. They will contact the collections agency and request verification, and the collections agency must respond within 30 days.
2007-01-19 07:08:06 · answer #5 · answered by kimberlyjo_3 2 · 0⤊ 0⤋
It depends on how often the collection agency updates with the credit bureaus. Some update weekly others monthly. You should be able to check your credit report 90 days after the collection agency updates.
Bear in mind, the credit bureaus deal with millions of accounts daily - it takes time to update.
You can contact the credit bureau directly now and request they do an inquiry to verify the balance closed, BUT that can actually cause it to show as disputed on your credit after the collection agency does their update. Personally, I wouldn't contact the credit bureaus until after 120 days. (ps double check transunion - i see lots of errors from their reports through my company).
Did you ask how often the collection agency updates with the credit bureaus?
Did you ask for a dispute deletion letter. They don't have to give you one, but some agencies make them available to you.
I really recommend that you educate yourself about credit and collection matters. You can find innumerable websites regarding FDCPA and FCRA and you can find a weath of information at:
http://www.transunion.com/
http://www.experian.com/
http://www.equifax.com/cs/Satellite?pagename=Home
I really don't recommend you rely on the accuracy of random strangers to educate you in these serious matters.
A couple of the answers above this one made me chuckle from the rediculousness of their replies.
2007-01-19 15:04:07 · answer #6 · answered by siren381 2 · 0⤊ 0⤋
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2016-11-25 20:46:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It will take 7 years unless YOU do something to clear it up yourself. But YOU are the one who has to do it.
2007-01-19 06:57:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋