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Updating an Account to Show “Paid in Full”

Dear Experian,

I traded in a car and the dealership paid the remainder of the account balance. When will the account show on my credit report as paid in full?

– VMS

Dear VMS,

When you trade in your car for a new vehicle, the dealership sends a check to the lender to pay off the balance on your old account. In most cases, the process is a smooth one, but it is always a good idea to make sure that your lender received the payoff in a timely manner.

Even though you are no longer in possession of the car, your credit will be affected if the payment is not received by your next scheduled due date.

How quickly the payoff is reported to Experian once payment is received depends on the lender’s reporting schedule. A good rule of thumb is to allow 30-60 days for the information to be updated.

Thanks for asking.
The “Ask Experian” team

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