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Question By
nms1310

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If I pay the full amount of an acct. in collections, how long will it take to come off of my credit?
I have several derogatory marks on my credit score (young and stupid). I plan on paying them off in full to ensure that they are removed from my score. How long will they show on my credit score after being paid off? Is it still years? Or are they required to take it off sooner? Please help!!!! :(

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I currently work at a collections law firm and it's no telling until the credit bureaus are nnotified along with waiting for the other steps that take place within the businesses with the debt, but once its paid in full make sure u request a Paid in Full document from that collection agency then within that agency its a process to close out account which is another department that handles that, in our office its our Client Service department then they report it back to the original creditor and the original creditor reports it to the credit bureaus. So basically it depends on how quick their employee do their job. Your best bet is to request BIF (balance paid in full) document via fax or email, then contact the original creditor and fax over a copy to them to speed up the process. Then get advice from them they would know best since they're the ones reporting to them. A typical days work at the firm, I'm an account manager for capital one judgement files aka garnishment files. 

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Helpful to 53 out of 69 people

Hey!

I paid in full a few collections (1 credit card, 1 cable bill) a while ago (2 years ago). I didn't know about paid to delete back then (I was a stupid college kid). Although I paid them in full, they still appear in my credit report. Is there a way to get rid of the reports from my credit report?

Reply by
LADYKDA70

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Helpful to 11 out of 18 people

Hello how would you know who was the original creditor and the information? I want to pay in full for one of my collections (only have two but one is a lot smaller and easy for me to pay) but I want it to be off the record as soon as possible because I'm planning on buying a house.

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Reply by
JohnnyRain127

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Helpful to 1 out of 2 people

Haha that's load of BS. Vast majority of debts are being sold to debt buyers, that debt can be brought and sold many times over from one collection agency to another, once it's sold, that debt has nothing to do with original creditors, as original creditor no longer has any authority on that debt, so the original creditors are powerless to do anything to change the status of that debt nor delete the collections. Just think, after you "sold" your car? can you demand the new owner not to wash the car?

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Helpful to 107 out of 125 people

They can remain on your report for 7 years from date paid off UNLESS you negotiate a Pay Per Delete agreement with them. They agree in writing that they'll delete the account from your credit report once paid in full.  Also be aware that these accounts will automatically fall off 7 years from the date they went delinquent if you don't pay them.  Just food for thought.  

Reply by
nms1310

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Helpful to 33 out of 66 people

Well, my problem is that I'm still rather young (25). and some of these accounts are only 3-4 years old. I would like to be able to buy a house in the near future, and don't want to have to wait 3-4 more years. So I would rather try to get them off now, but I was unsure if they HAD to stay on for years, or if it was possible to get them taken off sooner. I plan on paying off the smallest amounts first, so that I will at least have some taken off and can start bettering my score.

Reply by
nms1310

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Helpful to 78 out of 115 people

Also, if I pay it, and they do not delete it off of my score, but they show it as paid and a 0 balance, will that still help my score go up?

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Reply by
Jasper2

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Helpful to 28 out of 44 people

Not entirely correct.  

If you make one small payment, that "re-ages" the account from the date you made the payment.  THAT is the date from which the 7 years starts counting down.  

That is the danger in paying the wolves to get them off your back for another month.  

If you agree that the bill is legitimate, and you intend to pay it off, then do so as quickly as you can.  Even if you paid 99% of your bill, it can show up for 7 years from the date of your last payment.

Reply by
FUSCHA

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It does not just disappear, it becomes added to the national debt and becomes everyone's problem.

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How Long will it take.....

Helpful to 9 out of 11 people

I plan on paying off in full 3 accounts that are with collection agencies, and asking for a "Pay Per Delete agreement" for each. How long will it take to have these removed from all three credit agencies reoports? 

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False Information

Helpful to 40 out of 53 people

    Please do not spread false information and mislead people. There is a date on a collection called the "DFD" date, which is the date the original account (not the collection) went dilenquent for the first time leading to the default. When you pay a collection agency to bring your account to 'Paid in Full'; the Activity Date will be updated to make this look like a recent collection. A lot of lenders are doing manual reviews of your account these days which is better for those who take care of collections on their credit report. A collection agency legally cannot touch the DFD date. However, sometimes paying off a debt may lead the CRAs to enter data into the wrong date fields so you have to keep an eye on this. Also it is illegal for a CA to change this date as well.

    One thing to note; you will re-age the Statute of Limitations allowing the lender/collection agency to come after you if you make a payment arrangement. Most collection agencies are willing to work with you if you put forth the effort however. Good luck to your rebuild :)

Reply by
Erusidhion

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Helpful to 25 out of 39 people

I meant to add also that 7 years from your DFD date, it will fall off of your credit report. Paying a collection in full does not restart this date; it will only bring the collection's activity date current which can sometimes hurt your score. Paid off debt always looks better to manual reviews/reconsiderations for lines of credit.

Pay for deletions is always one avenue you can go down if you want to spend the time doing it. Otherwise if you Pay in Full, you can send out goodwill letters to these companies explaining your situation and why you defaulted in the past on specific collections. Be honest and write it in your own words. Again, good luck!

Reply by
Idlechaos86

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Helpful to 14 out of 24 people

I paid all three of my collections in full and they reflect "paid in full" but the default on the original account was over 7 years ago. Shouldnt these be removed entirely? Ive noticed the dates changed as the debt was resold over the years. How can I get the 3 credit bureaus to investigate to determine the original default date and thus remove this? Any advice is greatly appreciated!

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help!

Helpful to 2 out of 2 people

I recently paid a collection of $188 and they told me it should come out of my credit report in about 90 days is that true? it stills shows i owe should i give them a call so they can update it and show that at least its been paid off? 

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to answer nms1310

Helpful to 20 out of 28 people

when something is on your credit report they report at least once a month to each of the 3 agencies.

they all report on different dates, but def at least once a month.

if you chose to pay something off, make contact with the company you owe the debt to and ask on what day they report.

make your payment and await the date that they report. usually they are good about it as you fulfilled their bill.

if they havent reported just give them a reminder call.

hope this helped.

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16 People Helped

don't just pay, dispute

Helpful to 16 out of 24 people

When I was trying to repair my credit, first thing I did was dispute the charges through the 3 credit bureau's. 90% of the collection accounts on my credit report simply disapeared after a couple months, and you don't have to pay the collection agency!

this can be done online in just a few minutes - usually for free

Reply by
ANEWME14

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Helpful to 7 out of 13 people

What did you do when you disputed them? I have several & want them off!

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Reply by
Jasper2

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Helpful to 10 out of 23 people

Sorry...very bad advice.  You can't negotiate away a bill you owe someone by negotiating with the credit reporting agency.  Not going to happen!  

You have to PAY all legitimate bills for that to happen, and it will take up to 7 years before it will no longer affect your credit history and your score.

A collection agency OWNS the bill they are collecting, generally.  They paid the original creditor a percentage of what is owed...usually in the area of 30% to 50% of the owed amount.  So it is THEIR money you owe them...not the original creditor.  They are not going to forgive that debt.  They will only remove it if you pay them (or negotiate and pay them) what they think they can get.  The collection representatives are paid on commission.  The more they collect, the fatter their pay check.  If they give away too much, they also give away their job.  Collections agents who don't collect past due bills will soon collect unemployment checks.

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Collection confused

I missed a doctor's appointment during our moving process, my husband is active duty, I take full responsibility for it I should not have scheduled while I was alone with two kids and packing my house solo while my husband was overseas. I received a phone call from the collection agency when the missed appointment balance made it to the third party. I paid it in full that day after talking with the doctor's office. It shows as 2014 and I know I paid it in full in 2013. It just showed up as open on my credit report today 10/22/16 with a 0 balance. It has never been on my report before today's date. Why would there be 2 year delay?

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0 People Helped

Collection confusion

I had a collection account appear on my credit score today October 22nd 2016. The account was opened for a doctor's appointment that I missed when in transit to my husband's new Duty station back in 2012. When collections called in 2013 I contacted the doctor's office to confirm that I had indeed missed an appointment and had a balance. I called the Creditor back that day and paid the balance in full. My question is why would it appear as an open account today when it has not been on my credit report up until now? Can I dispute it?

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0 People Helped

Credit Cards

I have three credit cards but only one is reported in my credit score.

I am new to this and I have got these credit cards only two months ago

My credit score is 545 due to 94% credit utilization on the credit card enlisted.

If I pay off my debt the simulator says it will boost to 680

How accurate is that?

How much would it boost?

Is 680 good for taking a 25000$ loan keeping in mind my credit scores are fresh.

Thank you

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