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I'd wait 60 days because...
1) It can take that long for the titles to change hands. Mine took 60 freakin days!
2) the paid off lenders have some time to do the reporting. I don't know if they have a max time to report the loans as paid but they do have some time.
3) unless you need it to support a transaction right now, just be patient.
4) instead od disputing, i suggest that you contact the paid off lenders and simply ask them when can you expect your credit reports to be updated by them.
Good luck.
Outcome will not be removal of the paid accounts, but rather update of the balance to $0 and closing of the account.
Any deletion of their entire account would be discretionary on their part, and if deletion is sought, such as to remove the prior reporting of any derogs on the account, then a separate request must be sent to the creditor.
As for time to report, the relevant statute is FCRA 623(a)(2), which requires furnishers to "promptly"update any prior reporting as needed to reflect its current accuracy.
"Promptly" is not specifically defined in terms of a set period, but is left broad. A reasonable interpretation of prompt would be in their next regular reporting cycle.
I agree to give them until at least their next regular reporting cycle to update the debt balances.
If they dont update in their next normal reporting cycle, then you can file a direct dispute based on lack of compliance with section 623(a)(2).
Slight update for those who care - both Santander and GM Financial show "Closed / Paid As Agreed" on Experian, however, TransUnion and Equifax haven't received (or processed) the update.
That makes me happy.
Experian is the only report that actually is the most accuarate (showing all new accounts with my CU) where as TU and EQ are behind.
Just a timing game now...