Credit Report Question

Hi!
Welcome to the forums!
Even if you pay off the entire debt amount, it will be reported as "Paid in Full" on your credit report. It won't be removed for 7 years. However, after the full payment of debt, you can use a Goodwill letter to request the creditor/collection agency to remove the listing from your credit report.

You can do another thing. Before paying off the debt in full, you should negotiate for a "Pay for Delete" agreement with the creditor/collection agency. In "Pay for Delete" agreement, the creditor promises to delete or remove all the details on the particular account from your credit report. For this, you'll require to send a Pay for Delete Letter to the creditor/collection agency.

As Nelly has suggested, any negative item will remain on your credit report for 7 years. However, before paying off the collection account, you can sign an agreement with the collection agency that they will remove the negative item from your credit report after the payment is made. Thus, the debt collector will become liable to remove the negative information from the credit report.

I can truly feel the necessity of an agreement under such circumstances. But is it the debt collector who removes the negative item? Or is it the credit bureau? Also, who's gonna check the legitimacy of such challenges?

I say dispute the collection and watch it fall off, there is NO law that says: collections need to be reported! It cost money to report things!

7 years is not correct! It is only 4 years from the last date of activity!

Paid for deletes are rare. And if the tradeline is reporting correctly, disputing it wont make it fall off.

It is 7 years...if you do not know this you should not be into fixing bad credit.

You might want to actually study the FCRA before jumping into credit repair there, bud. You're going to get people into a whole lot of trouble with your mis-information.