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Posted in Auto Loans
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Question By
davisbaby82

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how long will it take an auto loan i paid off in feburary 2015, come off my credit
I settled with the company who bought this debt, I have the letter stating it is paid, but it is still showing up under auto loans. How long will this take to come off or who do I need to call about, removing this from my credit.

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It will remain on your report for 7 years from the time that the loan became delinquent. Paying off bad debt or collections does not remove the derogatory accounts, it only marks them as paid and closed. If you deal with any more things like this in the future, research and learn about "pay for delete agreements". Also it may possibly benefit you now to research and learn about "goodwill letters".

Reply by
davisbaby82

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It is not stating its paid, still says purchased by another lender. It is listed as a judgement on my credit report. If it would say paid, i would be happy with that

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