Portfolio Recovery updates every month if I..

[nate79416]

Pay them off will they update as paid..the next update? I hear sometimes it takes 3 months to update, seems odd because they update every month on my report. Going to pay them and goodwill them to death lol do I need to goodwill capitol one too? Its a charge off. Has anybody settled with them for less than the pay off and still got a deletion? Thanks

[RobertEG]

The FCRA requires a party to "promptly" update their prior reporting as necessary to maintain its current accuracy.

No specific period is provided in terms of days/weeks.

Most furnsihers have a regular monthly reporting cycle, and "promptly" would, in my opinion, reasonably mean their next cycle.

That could be up to 30 days.

However, on the seriousness scale, complaints over delays are unlikely to garner much in the way of regulatory action.  Perhaps a written admonishmentby the CFPB.

If the OC has also reported derogs, such as 90/120 lates or a charge-off, then yes, you would treat that via separate GW requests to them.

However, if they have sold the debt to the debt collector, when you finally pay, they dont get a penny of that $$.

Having sold the debt at a huge discount, they have taken a loss.

That is usually not very conducive to grants for good will.