If a creditor has acknowledge an error in reporting and has agreed to delete the credit lines, what is the time frame they are allowed to update the account? I have a letter dated 12/20 and wondered how long they have, also how long does it take for the CRAs to update the records once notified by the creditor? Thanks in advance for your time.
30-60 days would be normal expectation. Depends upon the creditor's reporting cycle for furnishing data to the CRAs. Since they are under no legal time constraints to delete, a reasonable time would be the standard. I hope you have the admission of error in writing so that you have a little more leverage than the he said claim. If they don't delete as agreed, the onus would be on you to get them to comply with your agreement.
You might have a letter dated dated 12/20 - but that does not mean that on that day they (the creditor) notified the CRAs. Some creditors report once a month, some every three months. And remember - creditors have a habit of keeping consumers' credit history in the toilet, by immediately reporting negative data to the CRAs but sit on their where the sun don't shine when it comes to deleting negative data.
Thank you for the info. The letter does state they will delete it. Also, I am sure they are not in any hurry to update it, but since they were reporting it incorrectly thought there might be some guidelines. Would it be worthwhile to send a copy of the letter to the 3 CRAs? Thanks again Boo
Good that you have the paper in hand. I would wait for the system to do its thing. After 60 days, revisit the issue.
No, sending the CRAs copies of a letter that a creditor sent you won't result in anything, except you wasting an envelope and stamp. CRAs report what creditors send them - not what you send them.
Why don't you dispute it with the CRA's again. "Reporting in error". Move it to the forefront of the furnisher's desk, and hopefully resolve it in 30 days.
