Update Credit Report Information
2010
How many points will my credit report raise after false information is erased?
My husband and I began the process of buying a new home by looking into getting prequalified for a loan. My credit report came back too low because of SEVERAL delinquent charges reported by 2 different places. I will admit, I had a few late payments to 1 of the places reporting. However, the other place was wrong. After a dispute with them, they took back the delinquent info (very long story short). They told me it would be sent in within 48 hours but the credit agency may take 30-60 days to update. My main question is, will this raise my credit score the 11 points my mortgage broker wanted me to raise? (It was a years worth of no paying and a lower credit limit and the company closing my account on their terms)
Probably but it’s really hard to say. The FICO formula is complex and it really depends on what else is showing on your credit report. A limited history (too few, too new) will have a bigger impact than an extensive history.
If the whole account is removed, not just the negative info, your score could even go down, especially if you had a few years of good payment history.
Typically creditors only update once a month to the credit bureaus. Once the creditor reports the correction, the credit bureaus will immediately provide corrected credit reports. The 30 to 60 day wait if the lag time for the creditor to update to the credit bureau.
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