How soon will your credit score be updated?
I carried a high balance on a credit card (about 85% of my limit) for about six months. Then about 2 months ago I paid off the balance in full after cashing in my 401k from my old job. I have been checking my credit score every 2 weeks or so through a monitoring site, but I have not seen the balance removed from my Experian report. How long does it take for your credit report to be updated? Should I file a dispute?
Credit card companies report on the closing date (the date they send you the statement).
Give it another 30 days after that for the bureaus to update your information.
This is not a quick process.
Check your other reports.
Go to the free government approved website for this so you don’t have to pay.
annual credit report. com
Check your equifax report and your Transunion report.
Note – I like Experian the least, I regard Equifax to be the best and most used by lenders.
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I agree the process will be slow. if you are concerned, check with the FTC first
http://www.ftc.gov/bcp/menus/consumer/credit/debt.shtm
and congrats on getting debt free
You need to allow at least 30 days for the update to take effect. By Law, the bureaus need to respond to you.
You don’t want to find out about a flaw in your credit report when you’re bidding on a new house or negotiating with a car dealer. So be proactive: Once a year you may request a free copy of your report from annualcreditreport.com, which is sanctioned by the Federal Trade Commission. Should you need access to your credit reports at other times throughout the year (if you’re about to make a home purchase, for instance), you can always request them via FreeCreditReport.com for a small fee.
If you still dont see improvement after a few months, you can contact a credit repair law firm to look into it for you – check the directory at ConsumerCreditGuide.org for local ones.