Amount of time to update or remove information

[Anonymous]

Quick question for all the experts out there. I have an account on my report related to an equipment lease from an old business. The trade line is reporting itas a written off account with a $450 +/- balance . I tracked down the right department in the company and was told that they would remove the trade line if I would pay the total amount owed of over $700 (this amounts includes all fees as well as a charge for not returning the equipment). It seemed high, but I thought it was worth it to just pay the amount and get it over with. I sent a check and it was cashed, but the account is still on my report. I'm wondering how long I should expect it to take for the info on the report to be updated. I understand I could have been lied to and they do not have to remove the trade line, but at a minimum the account should be updated as paid. I know I could dispute the account on the grounds it shows a balance and one is not owed, but I feel like makeing an issue over that right now could reduce the chances of the trade line getting removed. Just wondering how long these thing take. Your help is appreciated!

[DaBears]

It can take up to 90 days. If you have a letter from them stating they will remove their TL you can mail it to TU and fax it to EQ. 

[RobertEG]

I would give it time.

You have an issue of a private agreement with them for deletion. 

Regardless of whether they follow through on that agreement, they have a statutory requirement to, at the least, promptly update their prior reporting to show the debt is paid.

That may take at least one reporting cycle, and is a disputable issue should they not do so.

Lack of their compliance with their additonal promise to delete the entire account is not a disputable issue of inaccuracy in their reporting.

It is also not proper basis for deletion of even the derog in the view of the CRA, let alone the entire account.

I would give them time, and not even dispute directly with them, as it might kill their offer of good will.