Q:
I recently paid off and closed two loans that I had. I was told that it may take up to 90 days for it to show on my credit. I am now looking to finance a car and they showed as still open. Is there a way to speed up the process so that it will show as paid or closed sooner? Any info is appreciated.
Thank you.
Christopher
A:
When paying off debt, you are at the mercy of the creditor to report that information to the credit bureaus. Typically this process should only take 30 days to get that information updated with all 3 credit bureaus. There are some other options. You can get this information in writing from the creditors and send it certified mail or update it via online. There is a online solution with each bureau, that allows you to let them know there is a change with your information. Another option is to get with a mortgage broker that you have a relationship with and do what is called a rapid update. There is a fee involved with this, but it may be worth it with your situation. The mortgage broker or bank will require that you have documentation supporting the update required. This process usually takes 5 business days to force the bureaus to do an update on your behalf. You are welcome to use our online resource with the credit bureaus.
Mike Clover
CreditScoreQuick.com
