2007-03-23 15:37:19 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
When you make the final payment on each loan, your creditor will write one final letter to Equifax / Transunion etc. saying you paid in full. So about a month after your final pay off, your credit reports should show the difference!
2007-03-23 17:24:35 · answer #1 · answered by CEESONE 4 · 0⤊ 0⤋
Most big banks report monthly, after 60 days, your credit report should show that your balances are paid off, but if you've already got a "9" (the worst rating you can get on an account), the 9 will stay, especially if it is a paid off loan.
After you get all your debt paid off, it is a good idea to keep some credit available which you could use as your example of your current bill paying habits. These accounts will eventually show 1's, but the history will show that there were lower scores in the past.
It is also a good idea to avoid applying for credit as each bureau inquiry lowers your score.
It is also important to follow up with creditors if they are reporting something inaccurate. You may even get them to change the caption to "account settled" or "making payments" instead of "sent to collections".
Also, if you have CVB collections calling you, keep records of all payments.
2007-03-23 15:56:24 · answer #2 · answered by babypocket2005 4 · 0⤊ 0⤋
Credit reports are written by your creditors. Every month some of them write to the credit reporting agencies that you have paid - or not.
Once you make the final payment on each loan, your creditor will write one final letter to Equifax / Transunion etc. saying you paid in full. So about a month to 8 weeks after your final pay off, your credit reports should show the final status.
2007-03-23 15:44:00 · answer #3 · answered by jinoturistica 3 · 2⤊ 0⤋
They can remember a bankruptcy for seven years. Each month without a late payment helps a bit. But it will seem a long time to you.
Just pay all balances every month. You never pay interest.
2007-03-23 15:42:38 · answer #4 · answered by jude2918 3 · 1⤊ 1⤋
It can take up to ten years before you see everything cleaned up. Most negative reports are listed for the 10 years.
2007-03-23 15:40:30 · answer #5 · answered by ttpawpaw 7 · 1⤊ 1⤋
some are instantly and others can take a few months. and some companies you will have to call and harass to get them to remove debts. just after you pay them call every couple weeks and let them know you debt is paid and you want it updated.
2007-03-23 15:44:56 · answer #6 · answered by pooh 6 · 1⤊ 1⤋
a good seven years.
it takes a second to ruin your credit ,but to clean it up ,can get messy .
in many cases you have to make many phone calls ,or hire an attorney to help you .
2007-03-23 15:42:36 · answer #7 · answered by Anonymous · 1⤊ 1⤋