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1zeus1

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I paid off a car loan on March 9th, my report still shows it as an outstanding debt

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Give It Time

Hi, 1zeus1. 

Congrats on paying off your car loan.  That is a great feeling!  Considering it was only paid off approximately a week ago, you may want to give it additional time for the lender to send their updated data to the credit bureaus.  When it comes to a loan payoff I typically give the lender 30 days to report.  In this situation my humble opinion is to wait til at least April 1st.  If it still isn't updated you can contact the lender directly and ask that they update your records.  I contacted a credit union recently to have this done under the premise that it was negatively affecting my debt-to-income ration and they resolved the issue that same week (after failing to report the update after two months (literally, two months)).  Should the lender fail to update the record after contacting them I would then file a dispute which means the credit bureau(s) will then contact the lender to determine if a disparity exists and subsequently resolve the matter.  Congrats again on the payoff and good luck.

Reply by
sfs04

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* UPDATE: My apologies for not reading correctly the initial question.  Since its now May and the loan was paid off in March you have clearly given them ample time.  In my opinion I would now reach out to the lender directly and explain the situation.  Good luck and, again, my apologies for the mis-read.

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