I have had a debt paid off in full by my collection agency...how long until it reflects on my credit report?

Question

The company made some mistakes and I reported them and they agreed to pay it in full but my credit score hasn't reflected it has been paid.

Answer 1

It depends on how often they do the credit report. Most of them do it once every month.

Answer 2

see the collection agency will report is, however credit reports are updated every 3 months.

Answer 3

Contact them to dispute this information off of your report.

Answer 4

Send them a certified letter, return receipt requested, telling them they have 30 days, according to the Federal Fair Debt Collection Practices Act, to remove this inaccurate item. The credit bureau will not take things off your credit report if things are proven to be accurate. If they say it’s accurate, your beef is with the bank or creditor, not the credit bureau.

Answer 5

Both the above answers are correct. Some collection agencys will try to keep a collection account, whether paid in full or not, on your credit for years and years. Fact is, once settled there is not minimum time in which it must appear on your credit, this is a lie and against federal law. As long as the debt is paid or disputed and dismissed the collection agency must remove it. Believe it or not, its better for your score to get the account dismissed then to pay it. Say you have an account from 2005 that still has a deliquent balance, the minute you pay it (say 2008) it becomes reactivated on your credit lowering your credit. Believe me, I'm currently in the process of credit restoration with a legimate company (reviewed and referred by the BBB) and these are just a few things I've learned so far. Make sure to follow the first answer on this question if the collletion agency doesnt fix the mistake within 30 days after recieving notice. Good luck!