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how long does it take for credit score to go back up after incorrect information has been removed?

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Missy35228
New Visitor

how long does it take for credit score to go back up after incorrect information has been removed?

About 4 months ago, my credit score was 685 and i was well on my way to a 700 credit score after about 4 years. My score used to be 515.

I was so excited until I received my quarterly report and it was 615. I couldn't understand what happened. I had paid off my car and didn't have any new credit so why was it so low. Well, a collection agency from AT&T reported that I hadn't paid my last phone bill of $85.00 from two years ago. This was incorrect and I disputed it and recieved a letter that it has been reported incorrectly and had been taken off of my account. So, my question is this, how long does it take for my score to go back up since this issue was reported incorrectly and has now been resolved? I used Transunion. Now, I'm going to have to check the others to make sure.

 

Sidenote. I think that it's ridiculous that a late payment of $85.00 could drop my credit score so low. It wasn't my fault since it was reported incorrectly, but still, really?

 

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3 REPLIES 3
lovinlifeinkc
Regular Contributor

Re: how long does it take for credit score to go back up after incorrect information has been remove

It should raise right after the collection drops off.  Is it possible to get a copy of your report to make sure it's been removed??

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Message 2 of 4
FrugalRican
Blogger

Re: how long does it take for credit score to go back up after incorrect information has been remove

It should go up as soon as it gets deleted since the negative tradeline will no longer be there.

And I agree, it's ridiculous that just one item absolutely tanks your score.

Follow my financial journey: http://www.frugalrican.com


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Message 3 of 4
pizzadude
Credit Mentor

Re: how long does it take for credit score to go back up after incorrect information has been remove


@FrugalRican wrote:

It should go up as soon as it gets deleted since the negative tradeline will no longer be there.

And I agree, it's ridiculous that just one item absolutely tanks your score.



+1.  Unfortunately the amount of the collection doesn't matter.   $50 or $500 will hurt your score the same.     The only exception is the newest FICO models which exclude collections under $100. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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