How long does it take to report a paid off Account (Mines with Capital one)

[Anonymous]

Hello

I just paid off my Closed Credit Card account which was still with the original Creditor (Capital One). They said it takes a 22 day monitoring period before they send of anything to the Bureaus stating that the account is now paid and to report a $0 Balance. (They are reporting my balance and it is hurting my utilization)

Does it really take that long before they report it ? Has anyone had a case where it gets reported sooner then later? I just want my reports updated as soon as possible so I can work on building my score even more.

Thanks and God Bless

[Anonymous]

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@Anonymous wrote:

Hello

I just paid off my Closed Credit Card account which was still with the original Creditor (Capital One). They said it takes a 22 day monitoring period before they send of anything to the Bureaus stating that the account is now paid and to report a $0 Balance. (They are reporting my balance and it is hurting my utilization)

Does it really take that long before they report it ? Has anyone had a case where it gets reported sooner then later? I just want my reports updated as soon as possible so I can work on building my score even more.

Thanks and God Bless

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Congrats on paying this down.

Be aware that impatience is not part of rebuilding so I'd say this is a good free lesson to work on more patience!

It probably will happen faster than 22 days, but typically with chargeoffs they want to make sure the funds actually clear before reporting it.  22 days is just giving them some lee way but if your bank verifies funds properly, and you don't do a reversal later, I bet you see an update sooner.  

[RobertEG]

The FCRA intentionally provides flexibility in setting a period within which a furnisher must update prior reporting.

FCRA 623(a)(2) only mandates that they must "promptly" report correction so as to maintain the current accuracy.

No period in days or weeks is specified.  The standard of law thus becomes one of reasonableness.

It is certainly reasonable to first assure that payment clears before reporting update of the debt balance.

Additionally, it is reasonable to report updates in their next regular reporting cycle, and not do a special, out of cycle updated reporting for each payment received from a consumer.

Thus, a couple of weeks to assure clearing of the payment, and then further delay until the date of their next regular monthly reporting cycle would be reasonable.  That could easily be close to two months.