Reporting paid off debt to credit bureaus

[Anonymous]

I received a release and satisfaction letter from the courts since I have finally paid off this old debt.  The letter states that I am responsible for contacting the three credit bureaus to have my credit report updated.

Can anyone share their experiences on how you were able to get this accomplished?  I have been reading a lot of different things and I doesn't seem that simple.  

BONUS QUESTION:  I have an old credit card debt that has been sold to another company who is trying to offer me 1/2 off to settle it.  I am more than happy to do that but will that help my credit at all?  I am just unsure of if at this point it really makes a difference.  If I have already been dinged for it and I can't get it removed once paid or at least marked paid in full, I wonder what the point is.

Thank you so much for taking time to respond.  It really is appreciated.  

[RobertEG]

Public record information is different than normal information, in that there is usually no party who furnished the information to the CRAs.

Public record information is normally obtained directly by the CRAs through their own review of public record information.

Normally, a furnisher is required to notify the CRAs when information they have reported has changed or needs update.

Simply send the CRA a copy of the release and satisfaction letter, and request that they update your credit report accordingly.

They will then confirm by doing a public records check update.

As for settling a debt, the reported derog will remain in your CR regardless of payment status, so paying normally does not help your score.

However, in consideration of the broader issue of affect on your credit, an unpaid delinquent debt can, in and of itself, be basis for denial of credit.

Paying removes that potential obstacle.

[tonyjones]

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@Anonymous wrote:

I received a release and satisfaction letter from the courts since I have finally paid off this old debt.  The letter states that I am responsible for contacting the three credit bureaus to have my credit report updated.

Can anyone share their experiences on how you were able to get this accomplished?  I have been reading a lot of different things and I doesn't seem that simple.  

BONUS QUESTION:  I have an old credit card debt that has been sold to another company who is trying to offer me 1/2 off to settle it.  I am more than happy to do that but will that help my credit at all?  I am just unsure of if at this point it really makes a difference.  If I have already been dinged for it and I can't get it removed once paid or at least marked paid in full, I wonder what the point is.

Thank you so much for taking time to respond.  It really is appreciated.  

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I did this a few years back, after getting the satisfaction letter I just called all three CRA and in return they will ask for the updated information directly from the courts. No need to send or anything. A paid public record/tax lien is the same as an unpaid one according to FICO which sucks but oh well, mine finally fell off recently.