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Once a debt is repaid, the creditor should report the account as current/paid with in 90 days. After paying off an account, obtain your credit report to make sure that all information is accurate and current.

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โˆ™ 2005-05-16 18:16:16
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Q: If you pay off a debt listed on your CR how long will it take for that zero balance to be reflected on your CR?
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Related Questions

Is long term debt on a balance sheet or income statement?

Long term debt is the liability of business payable in future so it is part of balance sheet of business.


Is short-term debt the same as current liabilities?

Essentially, yes.Many times a company has Long-term debt, with a certain amount to be repaid within the year. On the company's balance sheet they will have the remaining amount of their Long-term debtincluded in Non-Current Liabilities, while in Current liabilities they will have the Current portion of long-term debt.Basically, the balance sheet has a section for Current liabilities, which would include accounts with debts to be repaid in the short-term (generally within the year). Normally it is not listed as Short-term debt, but rather an account like Accounts payable or Bank loan, or as I stated earlier, Current portion of long-term debt.


How is debt expressed on a balance sheet?

Debt is shown in liability side of balance sheet as per the payment time duration if within one year then current liability otherwise long term liability.


How long can a debt be listed on your credit report?

Tradelines: 7 years Bankruptcies: 10 years


What is a long term bebt considered on a balance sheet?

If you meant long term debt, then its a non-current liability, and it goes under the Equity and Liabilities section of the balance sheet.


How is the Bonds Payable account classified on the balance sheet?

It is classified under Long-term Debt/Liabilities


What does a debt payoff calculator do?

A debt payoff calculator can help you to find out how long it will take to pay of any debt you have. The following website offers an easy to use debt calculator,http://www.bankrate.com/calculators/credit-cards/balance-debt-payoff-calculator.aspx


All long-term debt maturing within the next year must be classified as a current liability on the balance sheet?

Yes. Usually separated and called "Current Portion of Long-Term Debt"


What is net new borrowing as it relates to determining the cash flow to creditors?

Net new borrowing is the difference of the long-term debt on the balance sheet. Cash flow to creditors = Interest paid - difference of the long-term debt


How long before a cable company can submit your balance to debt collection agency?

things like this usually are after a couple months of non payment


What is the current portion of long-term debt classified with?

Current portion of long term loan is classified as current liability and shown under current liability section of balance sheet.


Is land listed on an income statement?

Land is an asset and fixed or long term asset of business and all assets and liabilities are part of balance sheet and not part of income statement so land is shown under long term assets in balance sheet.


What is the statute of limitations for remaining balance on a reposessed vehicle?

That would be a civil debt collection action. it will vary from state to state and could be as long as ten years..


Do your debts die with you?

In many cases, as long as the individual that has passed was the only person on the debt, then they are the only person that was responsible. If a spouse or additional person was listed on a debt as a joint owner, than the creditor can attempt to collect on the debt from the living even though the other joint borrower has passed away.


Is an installment receivable listed as an asset on the balance sheet?

Yes. If due within 1 year or cycle its a current asset, otherwise its long term


Where to find security deposits on the balance sheet?

They are listed as a Non-Current or Long-Term Asset, often below Fixed Assets listed as Other. Why under Fixed Assets? Because Assets are listed in order of liquidity and a security deposit is usually not very liquid.


Is long term debt an operating liability?

NO. But the Current maturities of long-term debt is an operating liability.


Can a charged off auto loan still be reported with a balance due and accrue finance charges on credit report?

Yes it can. So long as the debt has not been charged off, intrest continues to mount. As long as there is a balance, and the lender has a hope of getting you to pay, he may leave it open. It also helps to get the balance higher so suing you becoems more feasible.


Do You will have to pay interest on credit card debt as long as you pay the minimum amount due on time each month.?

Yes, you pay interest on credit card debt if you only pay the minimum payment. If you pay the entire balance, then you pay no further interest.


What is Long-term debt?

Long term debt in the accounting major is refer to the debt or the account payable for a period of more than one year.


Current maturities of long-term debt?

Current maturities of long term debt means that portion of debt which is payable in current fiscal year.


How long does a debt stay on your record?

How long before they take debt off of your report is 7 or 10 years.


What is the current portion of long-term debt classified?

The current portion of long-term debt is classified with the ____


Is decrease in long term debt inflow or outflow?

Decrease in long term debt is cash out flow because long term debt decrease when cash payment is done and as cash goes out it is an outflow.


How long can a debt collector chase a credit card debt?

As long as they are actively pursuing it, they can chase it until the debt is paid. There's no way to simply keep avoiding the debt, it won't just 'go away'.