CA updating CR

[Anonymous]

So I paid my collections back on 1/5/2011. The CA then sent me via fax a PIF. How long should I expect to wait before my CR is updated?

I feel like it should have been by the end of January but maybe its not until Feb 5th or 6th. I haven't checked my CR yet but I figured my Score Watch would have notified me of such an update.

So if the CA did update my CR then GREAT! But if they havent what recourse do I have to get them to update my CR immediately? Or even a step further can I then dispute my credit report with the bureaus because the information isn't reported accurately?

Just curious what I should do in case I face this dilemma. Just planning ahead for murphy's law.

[llecs]

Most CAs update once per month. I'd give them 30-45 days tops. I would pull your EQ from somewhere by 30-45 days if you're not in a time-crunch and see if it is still there. If still there, then ask them to delete instead up updating. If they already updated to $0, then send a GW asking them to delete.

I don't believe SW would update you. The status wouldn't change since it is still a collection and your score wouldn't change by paying a CA.

[Anonymous]

I dont really need to check my report until 2/17 since thats when my CC are usually posted. So that should be close to 45 days. I am just a little confused by your wording when you refer to "them". In regards to when you say if it hasn't been posted by 45 days then ask "them" to delete instead of update. Who is them? And so you would suggest to ask instead of dispute?

I already sent a GW letter out last week, does that affect asking "them" to delete the account from my CR?

[llecs]

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@Anonymous wrote:

I dont really need to check my report until 2/17 since thats when my CC are usually posted. So that should be close to 45 days. I am just a little confused by your wording when you refer to "them". In regards to when you say if it hasn't been posted by 45 days then ask "them" to delete instead of update. Who is them? And so you would suggest to ask instead of dispute?

I already sent a GW letter out last week, does that affect asking "them" to delete the account from my CR?

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"Them" as in the CA. You'd want the CA to delete not update. If you sent out a GW last week, then you are good to go. A paid CA is equally damaging as an unpaid CA per your FICO score.

You can dispute if they are reporting inaccurately. For example, if they do not update to $0 and still report a balance, even though paid, and it has been weeks since you last paid, then certainly you can dispute. However, disputing can take up to 45 days if you enclose the PIF the CA sent you and then you run the risk of the CA just updating to $0, which doesn't help anyway. I also saw your screen name and if you are approaching or in the middle of a mortgage, then the dispute comment can lead to a loan denial (some lenders care and some don't, but it is a FHA guideline that no disputed accounts be present).

[Anonymous]

Ok then I will not dispute at all. I did not attach the PIF letter with my GW.

At this point I will take an update to $0 or if they delete it, even better!

If it continues to show a balance at least I have the PIF letter to show the bank if necessary.

My wife and I want to go for a preapproval this month and I just want to make sure I don't get the lecture that they wont accept a loan application until my collections are paid off.  At least I have some proof that might help.

We will see. But ya i will check my CR mid February and see where I stand.

[Anonymous]

So I just checked my Truecredit report (for the report not the scores) The CA was updated to paid but under the remarks area it says the following:

	[TransUnion] Account information disputed by consumer, meets FCRA requirements
	[Experian] Customer disputed account - reported by subscriber.
	[Equifax] Consumer disputes this account information

This was a dispute I did last June. Should I just call the CA and ask them to remove these remarks?

[RobertEG]

Yes

Update of the account status code 17A was done, and now shows paid, zero balance.

However, FCRA disputes are separately recorded under "Compliance condition code" 20.

One the dispute is resolved, and the consumer no longer disagrees, this code should have been updated to "XR," which removes prior reported compliance codes.

Simple to do.

[Anonymous]

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@RobertEG wrote:

Yes

Update of the account status code 17A was done, and now shows paid, zero balance.

However, FCRA disputes are separately recorded under "Compliance condition code" 20.

One the dispute is resolved, and the consumer no longer disagrees, this code should have been updated to "XR," which removes prior reported compliance codes.

Simple to do.

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What do you mean by simple? I just want to know what my best option of getting this removed is. It may be simple but when it comes to this stuff I feel simple minded and have a tough time knowing what the first step is.

Thanks

[llecs]

OP, you are on the right track. Keep sending the GWs. Some creditors will mark your TL in dispute if you send a GW letter, so asking the CRA to remove the comment would be a waste, IMO. About 2-3 months prior to mortgage time, I would stop any GW activity and contact the CRAs asking for the comment removal.

[Anonymous]

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@llecs wrote:

OP, you are on the right track. Keep sending the GWs. Some creditors will mark your TL in dispute if you send a GW letter, so asking the CRA to remove the comment would be a waste, IMO. About 2-3 months prior to mortgage time, I would stop any GW activity and contact the CRAs asking for the comment removal.

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Thats exactly where I am at. I sent a GW letter at the end of January and I have heard nothing from them so I am going to assume nothing is going to happen. So at this point my wife and I are going for preapproval next week that I will call the CRA and ask them to remove the comment for mortgage reasons. When i ask them to do this should I request that they send me in writing that they will remove the comments?