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jparker571

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apartment balance
My balance from my previous apartment has been sent to a collection agency, how long will this stay on my report if its paid off?

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Paid or unpaid, it stays on your report the same amount of time. The longest it can remain is 7.5 years from the date you were 30 days late with the original creditor. 
Although it stays on your report for the same amount of time and the difference in your score between open and closed collections is negligible, the difference to your LIFE can be significant. Creditors aren't just looking at the score; they look at the contents of the report as well. Open collections make things much more difficult in everything you do, from opening new trade lines to getting approved for an apartment. Many property managers won't even consider your application if you have an open collection on your report. 

Try to settle with the collection agency, because it will still be considered a closed collection even if it wasn't settled for the full amount. 

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