Saturday, October 24, 2009

How long does it take for loan payoff to show on my credit report?

I just payed off one of my loans, How long will it take before it will show up on my credit report as paid in full?

How long does it take for loan payoff to show on my credit report?
Creditors report to the bureaus once per month. Normally at the end of each month. Once a loan is paid off, within thirty days it should be reported to the bureaus. However, I'd give 60 - 90 days to actually reflect through Transunion, Experian, Equifax.
Reply:The realistic time frame for you ranges from 30 days to 90 days. In some cases, paying off your loan can take a bit longer than 90 days, though it is not supposed to. A good rule of thumb an a car loan pay-off is 45 days. You credit score on all three credit reports will reflect the loan payoff eventually, though Experian might come in at 30 days and TransUnion at 45 days. Might be a good idea to sign up for the three-in-one credit report when your loan is paid off.
Reply:Depends on when the creditor regularly reports to the credit bureau. In general, it should show as paid in full the very next reporting cycle. How often and when a creditor reports varies though.
Reply:It usually take a 6 to 8 weeks. But it is also depends on how fast that dealer ship or lender to report to CB/ Federal Credit Agencies. If you need to write a letter and ask them to report it.





Good Luck!


QL
Reply: 60 days as a minimum!!!


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