How long does take for a student loan creditor to report to credit bureaus a past due balance as finally paid?

Question

Hi Experts!

I am recovering from a hit to my credit report in the form of two consecutive non-payments on a small student loan. The loan bill was sent to my parents house who are retired and have been in Europe for the past 3 months so I don't completely blame myself. However - I just paid the payment balance last week and i'm curious about the effect it will have on my report.

So my questions are:
1)Will it take a month for the loan creditor to report the payment to the credit bureaus or is this more of an instantaneous process?
2)Now that the account dues are paid, will the loan be removed from the "adverse accounts" section of my report and will my score jump up at all?

I'm really interested in building up my score - this hit was a real punch in the nose for me. I guess there are always bumps in the road :(

Well thanks in advance for all of your help and I'm looking forward to reading your responses.
-CF

Answer 1

Even though paid the fact that it was late will remain on your credit report for 7 years. If you cannot pay it for any reason ask for a forbearance interest accumulates, but you do not have to pay, and it does not show up on your credit report.

Answer 2

If all you did was make up the payments you missed then those two late payments will stay on your credit reports for up to 7 years. Unless you made some sort of deal with the loan people. Your account will be reported as current but it will take over 2 years before those late payments stop hurting your score. It will update with the credit reporting agency whenever the loan company sends their report for the month they usually don't make a special report just to update one person in a case like that.

Answer 3

Anywhere from thirty to sixty days, and it could take longer, as some companies report paid accounts that had been deliquent only once every ninety days. But, once reported it will improve your score.