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So roughly two months ago, I managed to settle an old repo by getting a loan through my local credit union. The collection agency informed me that they had UP TO 90 days to inform the original company that I had settle for a "paid in full" arrangement. Then it would be up to the original creditor to update all three reports. I have seen no update in balance on either myfico or creditkarma.
So my question is how long should I wait to pull a new report? I don't want to waste the money pulling reports every month. Will I see an alert on this site? It's frustrating to have it paid, but not see the results! Will it bring up my score any?
Thanks!
It can take up to 90 days. The OC will have to update their TL to reflect the changes. If the CA is reporting as well, they have to do the same.