Credit Report Updates and Collection - The Bills.com Blog

I paid off a colletion that in Jaunary and was wondering if I could get it off my credit report? I have no oustanding collections and I have always paid my credit card on time. Thanks is Advance!

What is the definition of date of last activity on my credit report? If this is different from the date I paid off the colletction can I dispute this an error and have the collection removed?

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 paid off a collection in full in Jan 2007 for $30. I have always paid my credit cards in full on time. I am being denied a credit increase due to the collection entry. How can I get the collection removed from my credit report ?

I paid off a collection in full in Jan 2007. My credit report shows a last activity date of Aug 2007 on this account. Can I dispute this as an error with the credit agency ?

Even though you were on time with your payments, creditors have full access to your reports and if they see a collection entry, that can be reason enough for the denial in credit increase. If there seems to be an error in what is stated on the credit report then you can dispute the error with the appropriate credit reporting agency. Once corrected you can then call the creditor to explain what happened and request for your credit increase.

I paid off a collection in full in Jan 2007. My credit report shows a last activity date of Aug 2007 on this account. Can I dispute this as an error with the credit agency? Again, if you believe that the reporting is inaccurate you can always dispute the smae by writing to the credit reporting agencies.

How does the bureau score information? What values aare placed on on time payments?

Generally, it is assumed that the FICO credit score calculation bases 35% of its score on payment history... with a mortgage getting the most weighting, then secured loans, then installment lines, and lastly revolving accounts. Other large factors include credit utilization (are any cards or lines maxed out, do you have more than 50% utilization on a trade line) and debt owed... plus things like length of credit history, number of recent inquiries and other stability factors.

hi, i have changed my addresses several times within last 2 years due to my course and job.now i am settles in one place and planning to buy a house.I living in uk since last 2 years and working as a nurse.Will the frequent address changes affect credit report and getting mortgage?what i can do to clear the bad credit? how much times it takes?will buying credit card help to improove credit score? thanks

In reality, if you had lived in one location for an extended period of time you would appear more stable and that could positively impact your credit score. Practically speaking, however, this is a very minor variable in your credit score. You would get MUCH more bang for the buck if you paid down debts, lowered your credit utilization, maximized your free cash flow and built a nice down payment for the home. DTI, LTV, and credit utlization have a much larger impact on credit.

Recently, I had been working on my credit report and paying off old bills. I had contacted one company that had a bill on my credit report. The lady at the company told me that there were two other bills in their account for me, but I was concerned with the bill on my report because the other two were from 2000 and Nov. 2001; however, the bill on my report was from 3 days after the Nov. 2001 bill. I spoke to the lady and asked for a written letter verifying the bills, and she could send me the letter with the other two accounts so I can also verify them. I recently received the letter but it came as a bill form as an "open account". My questions are if I decide to wait on paying the one bill on my credit report, when approximately would it come off my report?, and secondly, can companies that do not have a bill on your report or has been old or over 7 years, if after being contacted from me, put the bill BACK on my credit report?

All accounts stay on your credit report for about 7 years, especially accounts that you missed payments on. I think what you need to focus on is the last payment date on this account, this can be found on the credit report. Depending on when the last payment payment was made, the Statute of Limitations might have expired on this debt. Different states have different Statute of Limitations (see http://www.bills.com/collection-laws/). If the Statute of Limitations has expired, then regardless of the status of the account (open or closed) you are not liable to pay the account. Keep in mind however that this does not stop the creditors from persuing their collection efforts on this debt, just means that if they ever sue you in court, you will have absolute defense as the statute has expired.

I have never had a late payment on any of my credit cards...... but they are all almost maxed out from a new business I started .....As a result my credit score is now low even though I have never missed or been late, I'm about to pay them off all under 33% of the total credit line for each card...... How long will it take for my credit to get back to normal or rise so that I can look into getting equipment loan for my business and or higher the lines of credit available on my cards???? If I was paying them off today would my score raise instantly, in a week, a month or would it take a full 90 days??? Please Help!!!

If you pay off the cards to lower than 30% of the credit limit today, you will need to give it at least 30-60 days during which the lower balances will be reported to all the 3 bureaus. Once your balance are reported low, you should be able to see a jump in your credit score.

I have a collection account from 2007 from a hospital which I took my husband but It shows on my credit report as joint with my husband . I disputed the collection and am now wating for a response from all experian. I want to know if they can take it off my credit and put it on his. I was just the insurance carrier this should go to his credit not mine right?

Who is responsible for paying a medical debt, which determines on whose credit report the account will appear, depends on who signed as the responsible party at the time of treatment. The patient is generally presumed to be the responsible party if he/she is not a minor; however, some medical providers will ask the person bringing the patient to the hospital, often a spouse, adult child, or other relative, to sign an agreement making him or her financially responsible for the cost of the treatment along with the patient. Since you were the primary policy holder on the insurance, it is possible that the facility entered in their system that you were responsible for payment even if you didn't agree to be the responsible party. In that case, you did the right thing by disputing the debt with the credit bureaus; you may also want to send a letter to the hospital or its collector disputing your liability and demanding that they provide proof that you agreed to pay for your husband's treatment. If they are able prove that you agreed to pay, then you may have no choice but to pay the debt or suffer the damage to your credit. On the other hand, the provider may have no proof of your liability, in which case it would be required to remove the listing from your credit reports; your husband would probably still be liable for the debt, though, so if it is not on his credit report now, the creditor may choose to report it in his name instead. You can visit www.bills.com/credit for more information about resolving credit disputes and to find answers to other credit-related questions. Good luck!