topic Re: Collection Paid in Rebuilding Your Credit

Collection Paid

medink — Tue, 24 Mar 2009 04:17:35 GMT

I end up paying a collection acount in full that is on my experian and transunion reports. But before doing that I made sure that they sent me a letter stating that once the account was paid in full that they will remove the collection off my report. What exactly should I send the credit report agency? I'm assuming the letter and a copy of my bank statement showing the collection was paid in full. I don't want to wait for them to do it, I'm sure it's not their priority so I want to do it. How long does it usually take to get off reports? I'm thinking around 60 days. Having this one thing off my report, I'm sure, will bring me back to the 700's. My equifax is 765.

Re: Collection Paid

Anonymous — Tue, 24 Mar 2009 14:36:10 GMT

Medink,

Through what I have experienced and read it typically will take them 30 - 45 days to update the credit report. Some will say 30 - 90 days but I have never seen it that long. If you really need this off quick I would mail (or fax), a copy of the delete letter, a dispute letter, and anything showing it as paid to the CRA. However, if you don't need this off immediately, I would give them some time. Good luck, and congrats on the PFD.

Re: Collection Paid

Anonymous — Tue, 24 Mar 2009 14:39:08 GMT

The CAs usually delete during their next normal updating with the CRA.

If you are rushed, dispute online as "creditor agreed to remove".

IMO, don't send anything to the CRA.

Re: Collection Paid

Anonymous — Tue, 24 Mar 2009 14:45:15 GMT

Sidewinder,

Just curious, why would you not send a copy of anything to the CRA?

In the past I have sent them proof that it was agreed to be removed and they promptly removed it, this was after waiting 60 days for the CA to do so.

I'm not saying there is a right or wrong way to do it, just trying to gain some more insight. Thanks in advance.

Re: Collection Paid

Anonymous — Tue, 24 Mar 2009 14:49:08 GMT

Donks3369 wrote:
Sidewinder,

Just curious, why would you not send a copy of anything to the CRA?

In the past I have sent them proof that it was agreed to be removed and they promptly removed it, this was after waiting 60 days for the CA to do so.

I'm not saying there is a right or wrong way to do it, just trying to gain some more insight. Thanks in advance.

Either way is fine, but not sending no more than necessary is my personal choice.

My reasoning is CRA seem to get confused easily. They may take the dispute as disputing the balance as being paid rather than unpaid or something completely different.

Normally, the less you have to send, the better off you are.

Plus, without sending it, you can just dispute online, which speeds things up about a week(no mailing time).

The CRA will ask the CA if they agreed to delete and the CA should respond with yes, delete and it should be taken care.