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Paid and Settled Accounts

A closed account may appear “paid in full” on your credit report, letting potential lenders know you have paid the creditor the full amount that was due. A closed account that is noted as “settled” on your report suggests that, while you paid something, it probably wasn’t the full amount you originally agreed to.

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How Quickly Will a Paid-off, Closed Account Be Updated on Your Credit Report?

When you pay off an account, the amount of time that passes before your account is updated can depend on several factors, including:

  • When the creditor reports the new information to the credit reporting agency. A good rule of thumb is to allow 30-60 days before you expect to see the updated information.
  • Whether or not the account was closed in good standing. Accounts closed in good standing remain on your credit report for up to 10 years.