Paid Off my debt but no change on my report.

[Anonymous]

Hello,
I am relatively young and inexperienced in how the credit scores work, I had approximately $1,900 in credit card debt that I paid off over 2 months ago. So currently I am sitting at 0 credit card debt but it still shows $1,500 credit card debt on all 3 scores. What is the process for me to get that updated and corrected being that the simulator says I should be 50 points higher than I am. Thanks for all the help, still trying to learn this stuff.

[imaximous]

Lenders update your balances to the CRs at different times, so depending on your billing/reporting cycles with them, you may see some balances updated sooner than others.

[Anonymous]

Good job paying off the debt!

Which score calculator are you using? 

As an example, one that I use updates my scores regularly but only updates my utilization every three months. I’ve also noticed that TU has been slower to report than EQ & EX.

HTH

[AverageJoesCredit]

Good job , now just apply a pif mentality and keep debt at bay. That's my goal .if you are new to credit or rebuilding, make a habit of only buying things you can pay at the end of the month will ensure your debt doesn't get out of control

[RobertEG]

The legal standard for updating prior reporting is FCRA 623(a)(2), which requires that a furnisher "promptly" update any prior information as necessary to maintain its current accuracy.  No specific period in days, weeks, or even months, is set forth in the statute, as processing and reporting practices vary between furnishers.  What is or is not prompt is subject to interpretation.

I would assert that promptly would clearly mandate inclusion in their next regular reporting cycle, whatever that might be.

It would usually be monthly.

If the payment is not posted and cleared within time for notification to their reporting department for inclusion in that month's reporting, prompt could extend another month.

If update is not posted within 2 months of payment, then you have reasonable basis for asserting lack of prompt update.

Since it has been two months, then you have basis for either a dispute or for making an informal call to the creditor, inquiring as to whether they have actually reported update to the CRA.