How long do collections stay on my report?
Charge offs and collections are reported to the bureaus for 7 years from the original date of delinquency whether they be paid or unpaid. Once a debt is older than the statute of limitations your state allows, a debt collector no longer has the right to sue you for payment.
Does paying off a collection raise my FICO score?
Yes. However, the account will remain on the credit report with “Paid/Settled” status. This will raise your score slightly, but is still considered derogatory information. Even paid collections will easily prevent you from getting many types of financing. In short, paid collections ARE derogatory and DO hurt you!
If you delete my collection will it ever come back?
A paid collection, once deleted, is permanent. The reporting collection agency has stopped sending information regarding the account to the bureaus and deletion will be permanent. An unpaid collection, however, can be deleted, but only TEMPORARILY. The collection agency will report every few months the balance and status of your collection, so to delete the collection is only useful for temporary score improvement. Once we settle the collection and it is paid, often for pennies on the dollar, we can remove the reporting collection PERMANENTLY.
How long will it take for my collection to be deleted?
In as little as 5-7 business days per collection. See the “Timing” section in Overview.