How often is credit information updated?

Question

There were some unpaid medical bills that were sent to collections on my credit report. After about two weeks I finally got them to realize those charges were for someone I did not even know. They said they would contact the collection company to have it removed from my credit report. I am looking at buying a new car and those two collections dragged down my credit score. How long will this take to be removed?

Answer 1

How long depends on how hard the medical provider leans on the collection agency and how much the collection agency listens to the original medical provider.

I had a collection on my reports from a medical provider that was supposed to have been paid by insurance. After contacting the medical provider about it, they said that they would recall the account back from the collection agency and make them delete.

The collection agency's trade line was gone by the end of the week.

I got lucky with that. I have heard of others who had similar good results and then there were some who had to fight to get it off.

It would be best if you had something in writing from the medical provider proving that they agree the account is not yours and that they say they will get the collection agency to delete - paper trail in case the collection agency doesn't delete and you decide to sue the collection agency for their violation.

Keep after them but don't become a pest about it.

In the mean time - order your "paid" reports from each CRA and file disputes for the trade lines the collection company had placed on them.

Using reports that you pay for from each CRA only gives the CRA 30 days to investigate. Using the free reports gives the CRA's an extra 15 days to investigate.
That could mean the difference between an account remaining instead of being deleted. (plus that extra 15 days would waste your time since you sound like you are in a hurry)

If the collection agency verifys the trade lines, file complaints about the collection agency with the BBB, FTC, your AG and the collection agency's AG.

Then redispute with the CRA's and include a copy of your FTC complaint.

The FTC normally will not do anything unless they receive quite a few complaints. But the CRA's don't want their name in front of the FTC for a complaint and usually (though not always) try to do the right thing.

Hopefully the collection agency will delete right away and you won't have to go through all that. But it's best to have a plan of action just in case.