Credit Reporting Update

[Anonymous]

Hi all,

I've tried to search for this here and across the internet and not finding a relevant answer.

Preparing for a move cross country and I need to meet certain credit criteria for a rental. I found two old collection accounts on my credit report. One from Jefferson Capital and one from Portfolio Recovery, both of which now have policies to delete tradelines PIF or Settled for Less if the account is older than two years. So I paid them and received confirmation that I should see that they've deleted within 90 days.

I've read that if I ask the CRAs to update my reports by deleting the TLs as agreed by the CA, this could open up a can of worms. However, can I ask them to update my balances? I don't really need to have them deleted right away, just need the rental agency to see that I have no unsettled collections.

It's only been two weeks but I'm getting closer to my moving date and I'm hoping for some last minute mercy for my stupid mistakes.

[DIYcredit]

You are correct about opening a can  of worms,because according to the "Credit Reporting Resource Guide" a collection account cannot be deleted based on it being paid or settled.So I hope that those two collection agencies will be deleted, as you have  an pay for delete agreement with them.Only when a lender reports or new information is reported  to the credit bureaus is any information updated.Unless you dispute them only if they are inaccurate.GOOD LUCK...

[thornback]

I'd advise against disputing the accounts at this point, as involving the credit bureaus and their dispute process may only delay removal as it can take 30 days just for a dispute to be com;pleted.   There is a chance the dispute would be resolved quickly, but I wouldn't risk it.   

In my experience, unless the collection agency states otherwise,  deletion of their accounts happen at the same time they would normally perform their monthly bureau reporting for your account -- so it can take 30-45 days to complete.   If you check the history of that account on your reports, you should be able to see what day of the month they would normally update your account and expect deletion on / around that time. 

You can also contact the collection agency and ask that they exepedite removal --they have the abillity to remove immediately, taking about a week to update on your reports. 

[Anonymous]

Thank you for the advice. So my best course of action is to call the CAs and at least try to get them to expedite?

[FireMedic1]

Yes they are known to delete those entires from your CR's. Just depends on when their computers update to the CRA's. No need to dispute. As they sit right now until they get an update. They are accurately reporting. Just let it ride. It will happen when you least expect it. Congrats BTW.