When Are Paid Off Debts Deleted from Credit Report

A common misunderstanding that people have about the way credit reporting works is that once the pay of an old debt that information will be instantly deleted from the credit report or updated.  While it is true that once you pay off an old debt the information in your credit report will get updated as soon as the lender reports the new updated studies to the credit bureau.  This typically takes 30 to 60 days.  However, if the account was delinquent in the past or late payment had been reported to the credit report on such an entry will remain on the credit report for a period of seven years.  Even though the account when we brought into a current status or show a paid in full status, the record about that late payment will stay on the record till it is time for it to be deleted.

Every account usually has a summarising statements listed below it.  This summary will give the history of the account in a couple of lines such as “current, was late by…”.
Paying off and older debt will have a positive impact on your credit but the negative information will continue to impact your credit score negatively to the time that it is present on the credit report.  However, the older that the negative entry is on your credit report the lesson of the impact on your credit score.  Over a period of time if you keep making current payments on your accounts than the negative information will get deleted and only the positive information will remain to be reckoned for calculation in the credit score.