topic Charge Off on my report was wrong - how long until it is updated on my Credit Report in General Credit Topics

Charge Off on my report was wrong - how long until it is updated on my Credit Report

Anonymous — Tue, 07 Feb 2012 20:10:54 GMT

In 2007 I was involved in a wreck. My insurance company paid off the entire loan. I ran my credit and GMAC credit reported this as a charge off. I called yesterday, they acknowledged their mistake. They said they updated teh CRAs and it could take 30-45 days for my report to be updated. Is there a way to get this done any faster - after all it was their mistake. Finally, how much can i expect my credit score to rise.

Thanks

Re: Charge Off on my report was wrong - how long until it is updated on my Credit Report

llecs — Tue, 07 Feb 2012 22:21:30 GMT

Welcome!

Unfortunately there's no way to get them to update any faster. It's likely not going to take 30 days. I bet it will start happening inside of a week with changes on EX first. Definitely don't dispute it because that'll delay things. If you are in the middle of a mortgage app, your lender might be able to help remove it a bit faster.

Points? It a YMMV thing. There's no way to tell. Certainly the CO aspect of it impacts your score, but the history is there too if they decided to delete. If this is your only negative, and this is among your newest account and they do delete, you can see a nice double-digit gain I bet. You'll get less or even no points returned if you have other baddies reporting.

Re: Charge Off on my report was wrong - how long until it is updated on my Credit Report

RobertEG — Tue, 07 Feb 2012 22:38:04 GMT

There is a service called rapid rescore, under which the furnisher can provide an update to the CRA that can immediately be entered into your credit file.

I believe that parties who offer this service charge a fee. Is time critical?