How long does it take to get something off my credit report that I alread paid?

I'm going for a Home Loan and have a low score and 3 things on my credit report were paid already.

How long does it take to get something off my credit report that I alread paid?
First, I need to correct SciFiDiva's answer.





The issue of the 180 day's was addressed by the Federal Trade Commission and was published as an opinion (see http://www.ftc.gov/os/statutes/fcra/john...





Section 623(a)(5) requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(a)(4) provides that the credit bureau may report the chargeoff for seven years. Section 605(c)(1) provides that seven year period begins 180 days from that date.





Therefore, there is a conflict within the FCRA law that has differant interpretations. The Commission has ruled that the 180 days does not apply.





Therefore, the reporting period for credit reports is 7 years, beginning form the day of the delinquency.





Now, to answer this quesiton....





Unless the creditor previously agreed to remove the negative information from your report, there will still be negative information on your credit. Just posting "paid" on the account does not remove late fee or collections information.





Now that they have your money, it's not likely they will work with you in fixing your credit.
Reply:3-5 years for a default account that has been paid


it will be listed on there for that long , but will show up as paid.


if it is paid and shows up as active you will need to provide proof to the agency of have the owed party call in the zero balance
Reply:Actually, it is 7 years PLUS 180 days, starting on the DATE OF FIRST DELINQUENCY that immediately preceded placement for collections and/or charge off.
Reply:If you ever got behind on a payment or bill,and even if you pay it off,it dose not fall off of your credit report.Once the lender that you paid reports it paid,it will show as paid.vwjcook@yahoo.com
Reply:7 years from your last activity. So, if you had bad credit, and in the 6th year you thought you were being a good person and paying it off, you get bad credit for another 7 years.
Reply:Why is my paid collection still showing on my credit file?


When I pay off a collection, the entry should show up as paid. BUT, the entry will remain on my credit file for 7 - 10 years unless the entity that had collection filed, agrees to let the collection company delete the information due to discrepancies. Collections show up as collections EVEN after I pay in full. Updated collections show paid and still hurt my score. FTC laws say accurate information can not be changed. Inaccurate information can be an opinion, not a fact in cases such as merged, fraud, duplicate, re dated and the like. Report these to the FTC and BBB





How do I get a paid collections account removed completely?


Wait for 7 - 10 years, or try to contact the entity that had you turned over to collections, "PAY THEM" and ask them to prompt the collection agency to remove the entry due to inaccuracy. If I cannot find the record myself by calling, then, chances are Experian Transunion and Equifax can't either. Print a universal credit report dispute form and send it to an appropriate bureau.





What am I trying to get from the creditor when I ask them to remove a file?


I try as hard as I can to get a letter saying account is paid in full, paid on time and in good standing. I use this letter to follow up on the creditors’ decision to remove inaccurate and error riddled credit reports. Many collections are improperly reported or a consumer will not been properly informed collection processes have be allocated. With late payments I look for dated checks to support my "paid on time" claim or merged, fraud, duplicate or re dated files. Report these to the FTC and BBB


Improve credit score ratings with a Bad credit self help credit improvement tips by Bo Majors.








Will my credit score go up if I pay a collection account?


Generally no or not very much. The account will still show as a negative credit item for up to 7 years, this is why it is important to pay and ask for, forgiveness in a humble but persistent manner asking for management if need be. A score will go up based on 0 balance on the account and if 2 years pass. My score will not increase much.





When disputing a merged, fraud, duplicate, re dated record.


I send as much information on me and my spouse as possible. This ensures the bureau makes no mistakes. There is a free form above and on all my pages. Look for Free universal Dispute form.





Use mail as the FTC suggests in the above online laws. Keep originals for safety in future endeavors. Remember once an item has been found to be inaccurate it can never be put back on my credit, so keep a copy of removals for safety. that way we all stay sane.





UP


Do I have to contact all three agencies for disputes?


Most creditors report to only one or two bureaus so it is only necessary to contact those. But if, I don't know which one reported to, I dispute at all three. If I know which bureau the bad mark is on then by all means only dispute that one as it may confuse the other bureaus or creditors and cause errors. If I read the FTC laws, I notice removals can never be put on my credit again. I get a letter for safety and bureaus have to report removal to the other the 2 others by law and remove them also. Keeps originals! Back tract everything with something in writing.








How much will my beacon credit score increase for paying off credit cards.


Your score can increase as much as 80 points if these credit cards have been paid on time and are above the 80% against high credit limits. Paying off credit cards that are not maxed out so to say or have only small balances or have been over 30 days late several times will probably not help you out so much. You might even benefit more to keep the balances low and pay them well for 12-24 months








If I pay off credit and loans will it come off my credit report?


All credit is reported for at least 7 years unless it is a disputed error and the creditor is at fault.





I want my Credit changed NOW so I can get a Loan NOW! What can I do?


Not much. Changing incorrect credit can be a long process leading to tedious, frustration and payments I owe. Most credit changes take at least a year or 2 if I can make one. I can speed with luck hard work and on time payment. I overnight mail my disputes and get an answer within 14-40 days. Sometimes a phone number will come with my results allowing me to talk to a REAL PERSON at a bureau.








How can some people with a bankruptcy get a loan and I can't?


Sometimes a bankruptcy is better than bad credit. One way is a Chapter 7 BK erases all dept and stipulates I cannot file again for 7 years. Since I have no outstanding dept and cannot re-file, many banks view this as a "good risk". Many times after a "7," I will need to re-establish some small credit items. Plus, a factor with any loan is job, job time, and amount earned. If I make 3500 a month, been on the job 5 years and owe nothing, I can see how attractive this may be to a bank.





How long do credit files stay on my record? How long does your credit report reflect your bad credit.


7 years for bad credit, late payments, collections, charge off's. Lawsuits and judgments 10 years or until the statute of limitations runs out in the state. 3 years for inquiries. Diminished effect on my credit score takes place at 2 years out. Good or bad! If you have not used credit in 2 years you score will be gone. Must have used credit within the last 2 years.





When does the 7 year thing start?


From the date of last activity stated on the account. Not from when I open the account.





How long do inquiries stay on my credit report?


Usually three years. 1 year diminished effect. More than 25-30 can lower my score but not by 50 points. 20-25 points max I would guess. No one knows exactly. Even the bureaus don't give exact data about this issue on the net or anywhere else for that matter.





How many points do inquiries count against my beacon score?


I've (Bo Majors) heard inquiries can count as much as 6 points for one "hard credit hit". AND means 6 points will carry up to 4-6 hits as long as they appear to be related to the purchase of a single item and, all the hits represent the same item. Like when I go to a car dealer and shotgun my application to 4 banks trying to get a low rate or just plain approved. Most credit reports will show 10-20 inquiries and this should be considered an average, not to worry myself about much, number. BUT. I can dispute these files and there is a possibility to raise my beacon score by doing so.





Will checking my credit report online count as an inquiry on my credit report? credit check lower my score?


No. Inquiries only show up for "hard credit hits" when a creditor checks my credit worthiness in order to loan me monies. If I use the internet I will not get an inquiry placed on my report.





Who are the 3 credit bureaus that keep my credit report and how do I contact them?


Trans Union


P.O. Box 1000


Chester, PA 19022


1-800-888-4213





Equifax


P.O. Box 740241


Atlanta, GA 30374-0241


1-800-997-2493





Experian


P.O. Box 2104


Allen, TX 75013-2104


1-888-397-3742





Dispute credit by certified mail to help keep anxiety and frustration to a minimum. Keep copies, wait 40 days, if no reply, do it again.





Negotiate with your creditors.


The first step to successful credit improvement is to negotiate with the people you owe money to. It is sometimes possible to have negative items removed from your credit report by negotiating with your creditors.





If you see an account on your credit report reported as a charge off then, this will mean that the creditor involved has had to zero the amount concerned in their books. It is no longer considered an asset in the companies’ books, usually after six months of no payments made to the account.





This does not mean that you don't have to pay. They report it as a charge off on your credit report. This will seriously harm your credit worthiness. The creditor may assign a collection agency to the case, so never consider a charge off as a debt that you don't have to pay.





The first step is to contact the original creditor rather than the collection agency if possible. Try to negotiate a repayment plan with them but be sure when doing this that it is an amount that you can afford and intend to pay. Defaulting on the arrangement will only result in further damaging negatives on your credit report.





It may be possible to get them to remove the charge off from your report and replace it with "paid as agreed" and on time" by offering to pay a certain amount per month. Again, always negotiate by mail and keep copies of everything you send.





The creditor will want their money back and may agree to remove the negative from your report in exchange for regular payments. Not all will be willing to do this but do try to negotiate before making any payments and get the agreement in writing prior to making your first payment.





If you can't get them to agree to remove the charge off and report it as paid as agreed, then try for account closed, paid, or settled. You could always try to get them to drop the interest too in exchange for a lump sum as first payment.





All creditors will report a charge off as a matter of course and to them it is a black and white business step to take. They are not doing this to deliberately put a slur on your record so don't take it personally. Develop a business attitude when dealing with your creditors and don't try to use moral high ground as a case.





Negotiate, keep records and copies of mail you send out and be business like. Once you make any payment no matter how small you will lose your bargaining tool. Remember that once you get in touch with an original creditor or collection agency in an attempt to bargain, you are saying in effect,? hey! Here I am, I have money, I am willing to make payments?.





Don't forget that they can still take you to court for the retrieval of funds owing and you will be liable for costs on top. Don't push your luck too far when attempting to make a deal.





Credit Repair by the law below.


http://www.ftc.gov/bcp/online/pubs/credi...


FTC: How to dispute credit errors by the law below.


http://www.ftc.gov/bcp/online/pubs/credi...


The first thing to do is to read what the government says about credit repair t and read my tips below. the FTC has 2 important pages that rank high as they are laws.


The above mentioned element might help overwhelmed people who deserve protection from errors. Name and report them to the FTC, your governor, representative and local police.