The Best Time to Check a Credit Report After Paying Off Bills

You have had the satisfaction of paying off bills and now want to see the improvement on your credit report. You are entitled to one free credit report from each of the major credit bureaus each year. The three credit bureaus are Equifax, Experian and TransUnion. It is best to check all three.

Financial Institutions

Large financial institutions, including finance companies and banks, usually update the status of their accounts monthly. Credit unions and small banks may update once every quarter.

Retail Stores

While large retail establishments generally update your information with the credit bureau monthly, smaller stores may not update it at all. Some small stores only report to the credit bureau when a person's account is delinquent but not when they pay on time or pay off the bill. If this is the case, you can request that the store report your payoff to the credit agencies, but they are not required to do so.

Other Creditors

Other creditors, such as medical centers or a previous landlord, may not update your paid account unless you specifically request that they do so. Additionally, any court judgments against you will stay on your credit report for 7.5 years even after you have paid the debt.

Credit Reports

You may have a different credit report with each of the three agencies. This is because some retailers only report your payments to one or two of the credit bureaus while others, such as mortgage companies, report to all three.

Length of Time

Several months may elapse before your credit report reflects your paid accounts. There is a way you can speed up the process if you need to increase your credit score quickly. You can order the credit report after your payments have processed with the lenders and with your bank. Dispute the information on the credit report and send along copies of your payments. Your creditors have 30 days to respond or the credit bureau will remove the account from their records. This can be helpful if the accounts were delinquent and you need to show them as paid in full.