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Avice on credit report update and paying off loan - The Bills.com Blog
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Avice on credit report update and paying off loan
Question: How long does it take for credit report to update after paying off an auto loan? The company is chrysler and they told me that it would take fourteen days to receive my title. i hope this information helps. Please email me back asap. thanx, Dan
Answer: The answer to this question depends on the lender who is
reporting the information to the credit bureaus. I can tell you,the typical credit reporting cycle is 90 days, or
quarterly -- so even if they update your record within 14 days, it is likely that it will not show up on your credit report until the next cycle (or several months in the future). There's quite a bit of information on credit reporting and credit reports at Bills.com: http://www.bills.com/credit-report/
Many of the larger banks and finance companies report updated information to the credit bureaus every month. However, some smaller financiers only report on a quarterly basis. Depending on the lender, it could
take as long as several months for updated account information
to appear on your credit reports. If a particular account that you have resolved is causing your problems with your credit score, you can dispute the listing with the credit bureaus, which can speed up the reporting process. The credit report dispute process is important to understand because credit reports are notoriously inaccurate, and
creditors are often very slow to report current and accurate account information. Each of the three credit bureaus (Experian, Equifax, and Transunion) allow consumers to dispute credit report listing online;
you
can access each of the credit bureaus online through the website www.annualcreditreport.com where you can also request a free copy of your report from each company. The Federal Trade Commission also offers a guide to disputing items on your credit reports, available at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.htm
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com
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