How Long to Improve Credit Score

Question: I've been paying off my credit card debt since the sale of my home 2 months ago. My question is how long will it take for the creditors to reflect the correct balances, and change my credit score? How long to improve my credit score?

Answer:
First of all, creditors send updated information to the 3 main credit bureaus routinely, but that does not guarantee that your most recent payment will show on your current credit report. The credit bureaus update their records as soon as they receive the information from the creditor, but there can be a time lag in getting the information from the creditor.

According to the Fair Credit Reporting Act, all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them (typically through a dispute letter sent via certified mail). The credit bureau must investigate your claim within 30 days (unless it is frivolous). If the charge is incorrect or cannot be verified in that time, the credit bureau must delete it or change it as you requested. If they make changes to

your report, the credit bureau must send you a new copy. You can also request that a new copy be sent to anyone who has gotten your credit report in the past 12 months. The credit bureau cannot re-insert the item without giving you written notice.

There are three major credit bureaus that offer credit reports:

Equifax
1-800-685-1111
http://www.equifax.com
Experian
1-888-397-3742
http://www.experian.com
Trans Union
1-800-916-8800
http://www.transunion.com

To get a hold of your credit report, contact one of these three bureaus. Each bureau interprets your credit information differently, so you might want to get a report from all three.

If you would like more information or would like to hire the services of a credit repair professional, please visit our credit resource page.

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed.

Bills.com Site Map > Credit Index Pages > Credit Testimonials