How soon can they update?

[Anonymous]

I have a CA on my credit from 7/2011 where a community college sent a balance after they returned part of my Pell grant.  After researching the FSA manual and making a few calls to the Bursar's office. I emailed the President of the college and told him they did not follow FSA guidelines.  They never notified me, never gave me 45 days to pay, etc, etc.   So I made them an offer to pay if they recalled it and removed it from my credit report.  Later that day, the Bursar called me and said they would take my offer, I had 45 days to pay it and they would recall from collections and get it off my report.  So, I'm going Monday to pay them, she said they would call the CA that day.  So my question is....how long does it  take once the CA removes it for it to stop reporting?   I'm dying to pull again to see what kind of jump my score takes after getting a $900 brand new CA off.   It is only reporting on EX and EQ.

[pizzadude]

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@Anonymous wrote:

I have a CA on my credit from 7/2011 where a community college sent a balance after they returned part of my Pell grant.  After researching the FSA manual and making a few calls to the Bursar's office. I emailed the President of the college and told him they did not follow FSA guidelines.  They never notified me, never gave me 45 days to pay, etc, etc.   So I made them an offer to pay if they recalled it and removed it from my credit report.  Later that day, the Bursar called me and said they would take my offer, I had 45 days to pay it and they would recall from collections and get it off my report.  So, I'm going Monday to pay them, she said they would call the CA that day.  So my question is....how long does it  take once the CA removes it for it to stop reporting?   I'm dying to pull again to see what kind of jump my score takes after getting a $900 brand new CA off.   It is only reporting on EX and EQ.

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Assuming that the CA sends the update to the CRAs that same day, it could happen very quickly, like within a day or two.  

[RobertEG]

The collection will, of course, terminate upon payment of the debt under collection.

They must notify the debt collector, which compels the debt collector to update the reported collection to closed, and the balance under collection to $0.

However, it does not compel the debt collector to delete any prior reporting.

The OC cannot "recall" reporting made by a debt collector.  The most they can do is to contact the debt collector, and request that they delete their reporting, but they cannot compel it.  So the question, in my mind, is not so much how long it might take for a deletion to report, but rather if the debt collector will even delete....

Why not offer a PFD to the debt collector, as opposed to paying the OC?

[JonRun]

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@RobertEG wrote:

The collection will, of course, terminate upon payment of the debt under collection.

They must notify the debt collector, which compels the debt collector to update the reported collection to closed, and the balance under collection to $0.

However, it does not compel the debt collector to delete any prior reporting.

The OC cannot "recall" reporting made by a debt collector.  The most they can do is to contact the debt collector, and request that they delete their reporting, but they cannot compel it.  So the question, in my mind, is not so much how long it might take for a deletion to report, but rather if the debt collector will even delete....

Why not offer a PFD to the debt collector, as opposed to paying the OC?

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+1 I went through this situation with AT&T. A collection popped up in my report with NRS for the AT&T bill. I mistakenly called the OC to pay and they said they would delete it. Well, NRS didn't see it that way and didn't want to delete it from my CR. I called NRS and the lady said I should have done a pay for delete with them and not the OC. They eventually agreed to remove it but it was a pain. Lesson learned was to go through the CA if they're the ones reporting.

[Anonymous]

I did ask the CA if they would delete if I paid and she said no.  I only went back to the school because I found out that the CA was charging me 18% interest and the school was charging me 15.00 a month on top of the original balance and on top of the CA 18%.  I knew then I would never get it paid so I starting looking through the Dept of Education's guidelines on repaying Title IV funds.  That is when I found out that the school did it ALL wrong and pretty much didn't follow a single one of the guidelines in the Fed Student Aid Manual.  No one ever told me about the bill or I would have paid it before all of this happened.  I only found out about it from a CMS when a collection showed on my credit.  The FSA manual says the school is required to notify the student and give them 45 days to pay or make arrangements, they didn't.  I called the Bursar on it (as I had many times before and had gotten nowhere) and they said they do not notify the student, the balance just sits there until they send it to the CA.  Then the CA never mailed me anything they just stuck it on my credit.  Once I found all of this out, that is when I emailed the president of the school, the dean of student services, and the provost - I got a very fast response from the Bursar.  It appears to me that they broke alot of rules on this one.....

[RobertEG]

If they broke the rules, that is what the courts are there for.

At this point, it is two contradictory views of the debt obligation.  You would need a judge to rule on who is right.

The FCRA dispute processes end at receiving verification from the creditor that they have investigated and found the reporting to be accurate.

It is an administrative process that does not include adjudication of adverse opinions.