Got Impatient....Disputed Balances...

[Andy77]

Well some of you know I just paid 74k of my 98k in debt and I am due for a large score jump.  So, I got very impatient yesterday...I don't wanna wait until mid august when all 18 accounts I paid off update.

So, I disputed all the balances I paid off on the CR's with EQ, TU, & EX.  I supplied as back up docs from my bank showing the exact amounts leaving my bank that show as being reported on the CR's

Will see if I can get updates before faster this way....

[Anonymous]

They will only report the updates when the creditors report them. Sending in documented proof on your end will do nothing.

[elim]

ehh... Be patient. Should be worth the wait...  congrats

[Andy77]

LOL

If they only report when the creditor updates, according to you,...why then ...

1. Do they have a little box you can check that says "Balance incorrect"  It is one of the choices you choose when disputing

2. Why do they accept documentation to support what you are disputing if they don't use it ?

[Anonymous]

LOL all you want...congrats on paying down your debt. That is truly a huge accomplishment!

[Anonymous]

Your reports are likely to be updated to reflect the payments by the creditors before the dispute is completed as it takes thirty days or more for disputes to be fully investigated.  Congrats on paying down the debt though.

[takeshi74]

A dispute is not the way to address this.  You need to contact the creditor first to verify that they have reported.  Keep in mind that even after a creditor reports it can take several business days for the CRA's to update.

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@Andy77 wrote:

So, I got very impatient yesterday...I don't wanna wait until mid august when all 18 accounts I paid off update.

Building and rebuilding is a lng, slow process.  You'll need to get yourself in the right mindset for it.  Being impatient will not force a creditor to provide a midcycle update.

[Marcos8]

It's great to have a large chunk of debt in the rear view mirror. Just bear in mind that creditors can choose to update whenever they choose. For most it involves reporting the most recent statement balance. If on your reports the balances were accurate as to your last statement balances with your creditors there is no basis for the dispute. Your reports and reported balances were accurate as they were last reported. Now if you paid off all this debt and new statements cut showing the reduction and then the CRAs were showing incorrect balances there may be basis to dispute. What you were looking for was a mid cycle update which isn't handled by the dispute process. Congrats again on reducing that debt load.