Expert: David McArthur - 3/17/2009

Question
hello,i want to know how long a credit card company has to report payoffs to the credit bureaus.i want to refinance my home while the rates are lower,however,i have a debt  to mastercard which i recently paid off(around two weeks ago)that is still reflected on my current reports.unfortunately,i did pay past the 30 day mark on three occasions.those late pays showed up immediately on my reports,but the final pay off which i made is still floating around unaccounted for on my reports,and possibly affecting my scores for a new loan.amazing how late pays are so damaging,yet payoffs get one nowhere quickly.i appreciate your expertise.thank you for your time.

Answer
The short answer is that I see it take up to 30 days very often.  As far as the late pays that lower your score you might want to look at having those removed as well.  You'll want to visit www.financialscoringsolutions.com to do that.  Feel free to call my direct line below if you have any questions.

David McArthur
219-718-8566