We're going to be paying a few thousand dollars at once to get our balance back down to almost nothing. I was curious how quickly that is reported to credit agencies.
We don't have a problem or anything, and our payments are always above the minimum and early. Just wanted to sort of do an experiment by looking at the credit rating before and after the big payment.
Anonymous
Favorite Answer
within 30 days but for sure with 60 = depends on the reporting and posting cycle!!!
actormyk
This varies with the company owed. Large companies with big computers should report quickly, but here's two things to do --
1 -- you get 1 free credit report per year from each of the three credit reporting agencies, so if you get 1 from Equifax in January for free, you should be able to get another free credit report in April from TransUnion and check to see that balances that have been paid off are listed as such, if not, contact the debtor to remind them that your debt is paid but it's not showing on your credit report; please report it as such NOW. You can get another free credit report from the third reporting agency -- I forget the name -- in August / September to check. In January of 2010, you can start over and get another free credit report from Equifax. You can get a credit report sooner than 1 year but it's not free.
2 -- make sure you contact the people you are indebted to and tell them that you are making payment and request written documentation from them that payment has been made in full.