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Credit scores and paid off loans

10 replies

ReadyForActionRyderSir · 14/09/2020 10:08

Hi
Does anyone know how long it takes for a loan that has been paid off in full to show as cleared or closed on a credit check such as clearscore or Experian etc? Is there anything you can do to speed up the process?
For info, paid loan off early last week, bank showed loan as cleared and that account closed on Friday but need it to show as cleared on credit check files before we remortgage to get a better deal.
Thanks for reading

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ComtesseDeSpair · 14/09/2020 10:22

I generally find it takes six to eight weeks - a credit card I closed at the end of June dropped off my credit report last month and a loan I repaid in early August showed as repaid this month.

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unicornparty · 14/09/2020 10:23

Mine still isn't showing my payment I made in July on my credit file!

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PicsInRed · 14/09/2020 10:40

There are currently delays in banks reporting in to credit agencies - which are being attributed to COVID.

I would allow 3 months and keep checking.

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ReadyForActionRyderSir · 14/09/2020 20:42

Mine took a couple of months to go

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BlueThursday · 14/09/2020 21:14

Em, OP, are you answering your own question?

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Jenasaurus · 14/09/2020 21:16

@BlueThursday

Em, OP, are you answering your own question?

Oh yes, just spotted that, how strange :)
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MsEllany · 14/09/2020 22:10

Write to the personal loan people and ask them to confirm it has been paid off, that is normally sufficient for your mortgage company.

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FAQs · 14/09/2020 22:14

I tried to hurry one up in July but it can take between 4 and up to 20 weeks before you can raise it with the credit companies. Mine took 8 weeks.

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unicornparty · 15/09/2020 07:50

Op why have you just said yours took 2 months to go when you asked the original question? Confused

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ReadyForActionRyderSir · 17/09/2020 21:19

Sorry I meant to say previously it took a couple of months, wondered if it was any different now, or faster or slower? Previously was three years ago.
Thanks for your responses

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