If you still have your proof of payment, all you need to do is show the documentation if it pops up again as you are trying to qualify for your home purchase. 90 to 120 days is generally the time.

Supposedly it’s updated every 30 days… but some companies report things much later… procrastination is alive and well.

Hello,

Financial service provider’s request a credit report from a credit reference company when you want to buy a borrowing product. In the UK, they mainly use either Equifax UK or Experian.

The credit reference company will just provide a report to the financial institution, but they will not tell the company not to give you credit; they just say what you’ve done in the past.

You can explain to the financial institution that if there is a bad mark on your credit report, it is because of a phone bill from 2003 that you supposedly owe; which has actually been paid, and that the collection agency has made a mistake.

If you have used borrowing products since 2003 (e.g. credit cards, personal loans), and you’ve kept the account(s) in good standing; then you should be okay. They will see that you’ve been borrowing since 2003 and you’ve been trustworthy in that period, they may not offer you the best deal because of the bad mark; but you certainly shouldn’t get totally refused…

Thanks

about 2 months after you get a call or a letter from a collection agency..they give you time to pay it first as a deliquent.

Send in a letter or copies of letters dealing with your dispute to credit companies right now. We had a problem with a bank error from a check deposited on the day before Thanksgiving. It was held by the bank, we said OK. they held our entire account, not just the deposit. We bought a gallon of paint at Sears that Friday. The check bounced because the bank held up the entire amount they had in the account. We found out very quickly, under a week. Maybe we went back for more paint, I don’t remember, but the bank fixed it. It took a month or so. Some places report so fast it’s unbelievable. I would never have believed it if I hadn’t had it happen to me. My point is that you have to take charge of your credit and force thses compaines to do what’s right by you. Good luck!