Experian Report - how long does it take to something show as settled??

JemmaW1982

I ended a agreement i had on a car, as the car was no longer suitable for us to small with another child on the way. As we had paid over 50% we were able to hand it back with no penalties

This was 4 weeks ago tomorrow. I have had a letter/email from the finance company to say that the account has been settled we owe nothing & have no financial intrest in the vechile.

We had been trying to buy another car get finance on it. Never had a problem getting credit b4 for anything. Have been on the experian report, everything we have had shows as settled no late payments nothing

The agreement for the car still shows as 7.5k outstanding & doesnt say settled like it should :eek: it also shows that in less than 48 hours we were credit scored 5 x by a finance guy trying to get us a deal

This seems to have seriously put a dent in the credit score & put it really low???

How long does it take for something to filter through to say it is settled??? I got the letter from BMW on Monday to say all was settled but yet still it isnt showing this

sammyjammy

It could be ages, I closed a credoti card account six months ago and its still showing as open although the balance has changed t onil. Its really annoying isn't it.

As its causing you problems why not give them a call and ask them if they could update it for you.

Jalapee

I had an account with Lloyds which i paid off, i took over 2 months to show

Tixy

Usually it takes between 4weeks to 2 months for updates to hit your credit file. Once something is older than that its worth contacting the lender again to confirm with them its in progress.

yorkshire-lad

Just for the record when I made my last payment with my hsbc loan,it only took about 3 days to show as settled.

Maybe it's a little different with car finance.

Sorry can't help much more.

JemmaW1982

Tixy wrote: »

Usually it takes between 4weeks to 2 months for updates to hit your credit file. Once something is older than that its worth contacting the lender again to confirm with them its in progress.

I wonder why credit scores show up quick then ie the same day but payments that are being settled dont

JemmaW1982

yorkshire-lad wrote: »

Just for the record when I made my last payment with my hsbc loan,it only took about 3 days to show as settled.

Maybe it's a little different with car finance.

Sorry can't help much more.

I didnt think it would be that long like some have said. Maybe like you say its different as its car finance & isnt like we have settled it with cash it is just because we ended the agreement without penalties, ie we owed nothing although looks like it is not going to look good on us anyway voluntary ending a HP agreement. Although silly as we didnt have much choice the car is just to small with another baby on the way

Tixy

JemmaW1982 wrote: »

I wonder why credit scores show up quick then ie the same day but payments that are being settled dont

Do you mean credit searches? they are instantly applied (or possibly overnight).
Generally lenders update the CRAs once a month with any changes to open credit accounts. So it can all depend on the luck of your timing for your transaction to be processed by your lender and then waiting for the lender to do the monthly update to the CRA.

Simply isn't feasible for each bank to update each account they have on a daily basis with a new balance etc.

If you are 'lucky' you pay one day, the lender updates their systems straight away and the next day happens to be the one they report info the the CRAs.
If you are 'unlucky' you pay one day, the lender takes a week to update their systems, then have then just reported for that month so you wait a further 4weeks for the transaction to reach the CRAs.

By that nothing would ever be more than 5weeks out, but the reality is they often are out by up to 2 months. If you look at your other open accounts you will see the last reported dates generally vary by a month or so.