If you pay off a charge-off on the first of the month ... how soon would it be noted on your credit report?

Question

How many days does it take for adjustments to be made to your credit report? 30 days? 60 or more? If you have a negative item on your report and you pay it off ... what does one need to do to expedite having this reflected on your credit report? Petition the creditor? Write letters to the credit agencies? Anyone have success stories on boosting FICO scores fairly quickly?

Answer 1

It will get updated as quickly as the company that is reporting it reports it. That is if you paid on the 1st and they update the reports on the 15th, it would only be a couple of weeks. If they do it quarterly it could be 3 months.

The credit agencies only get the data in so writting them will have no effect. You could dispute the item on your credit report, but by the time you disputed it and they verified it, there is a good chance it would have been updated already.

You should talk to the creditor and ask them when they will update it. Sometimes they can "force" an update but they will usually charge a fee for this service.

Answer 2

Paying off a charge of is a great thing, however if you haven't contacted the individual that you are paying off and requested an immediate posting to the credit bureau it might take as long as 6 months to show. Generally speaking creditors are real slow about reporting a payoff. But they are quick to report a late payment. You can call the creditor and request them to send you a payoff statement and once you get it if the item isn't changed on your report then dispute it and send them the payoff notice. Best of luck.

Answer 3

In my opnion you should get a "paid off" letter from the creditor and submit it to all of the credit companies (experian, transunion and equifax).. Otherwise it could just sit there forever.

Answer 4

it's updated every 30 days