Time limit

[Anonymous]

After paying a collection how long does the creditor have to notify the Credit Bureau?

[grillandwinemaster]

They have a "reasonable" period of time.

[DollyLama]

I think it depends on each agency. I just did a PFD on 3 small <$100 medical collections, after email confirmation that it will be removed. The lady told me they report on the 15th of the month, and to give it 4-6 weeks to hit the bureau. This was around the 23rd of March. Nothing reporting yet. So possibly by the end of this month. Still working on 2 others with 2 different agencies, of which one I'm reading horror stories, and for $34 I'm petrified and will contact them last. 

[UncleB]

@Anonymous, I've merged your two identical threads into one.  Please try to avoid cross-posting on the forums; it's confusing to the members and it's also against the TOS of this website.

Thanks for understanding.

--UncleB

myFICO Moderator

[RobertEG]

The FCRA standard, per section 623(a)(2), is that a furnisher must "promptly" update their reporting as necessary to maintain its current accuracy.

No explicit period in terms of days, weeks, or months is provided, as different furnishers have different normal reporting periods, and "promptly" is generally interpreted as within their next regular reporting update.  Regular reporting cycles/pdates could be monthly, or even longer.

With processing required after payment is received, payment of a debt could result in not being reported for approx 4-6 weeks after payment.

The period could be longer under the posted scenario, where the update is by a creditor with respect to a collection.

If the consumer pays the debt collector, additional notice from the debt collector back to the creditor is necessary before the creditor is aware of the update..

Thus, add on a week or so.

It could reasonably be two months before any issue of lack of prompt update arises.