What should I do with a letter of satisfaction after paying a debt?

Hi-





I recently received a letter of satisfaction from a collection agency and was wondering if I need to send this to the major credit reporting agencies so that they can update their records?





Thanks!

What should I do with a letter of satisfaction after paying a debt?
yes and keep it for later reference in case you continue to be billed and as future proof if it remains on or pops back up on your credit report
Reply:I would definitely mail copies to each of the credit bureau's and after about a month that the debt was paid off I would pay the $30 or so to get a full credit report and see what the agencies have listed on your report for that account.





Also, save that piece of paper in a file for about 7-10 years.
Reply:Technically you don't have to, but I think it's a good idea. Sometimes once a debt is collected agencies can be a little lazy when reporting it back to the credit bureaus. So I would send a copy to each of the three with a letter of explanation just to be sure.
Reply:the company should update the information within 14 business days with the credit reporting company, if not


then you can send in a copy of the satisfaction letter.
Reply:yes, good idea to ensure that they remove it...
Reply:Yes. The collection agency has to report it as well, but you might as well do it just to make sure
Reply:I think it would be an excellent idea to send it to your creditors this allows them to see that you were successful in fulfilling your monetary obligation and should help restore your credit.
Reply:Send only the copy if it doesn't appear on the credit reports within a month. Never send the original!