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Question By
socalboi1979

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0 People Helped
Once you pay a collection account how fast will it show on your credit?

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Top Contributor
69 Contributions
326 People Helped

sometimes

Helpful to 24 out of 27 people

sometimes paying it can hurt you!   if you pay it, when settling always demand to all collection companys you will need a complete ''deletion'' for you to pay for it!!!   why?  because just you paying it and them only marking it as paid/closed can still punish your credit for years because even though its marked paid/closed its still seen as a negative on your report...so i always always tell them i wont pay without a deletion because its not morallly right i pay for it and continue to be punished..if you pay it you should in all morals and fairness be rewarded for your taking responsibility..be stern for a deletion, trust me you will be glad you did and your credit score and report will look much better..

1 Contribution
93 People Helped
Most Helpful Response

Helpful to 93 out of 108 people

45 days maximum is usually what I'm told. Most collection agencies only report once a month, so it depends on how close to their reporting date you paid the account off.

Reply by
YMcCourt

1 Contribution
15 People Helped
Helpful to 15 out of 27 people

Fingerhut has been taking thirty dollars out of my bank account for three to five months, why isn't this recorded. Missed payments are WRONG! Please fix this issue with them. I have prove and I'm willing to show my bank statements that show the money that fingerhut takes.

                                 Sincerely

                                 Yvonne McCourt

Reply by
wrstcs

1 Contribution
5 People Helped
Helpful to 5 out of 9 people

Hello,

 There are numerous companies that do not use credit reporting.  My mother owns her own 240 acre farm, a car, a trailer and several other items that required a loan from her bank.  Her back does not file credit payment reports.  She didn't get any credit for all the purchased because of this, her credit score is extremely low.  If you have something on your credit report that is incorrect, you can dispute it through the credit agency.  Hope this helps

1 Contribution
35 People Helped

Helpful to 35 out of 48 people

I am trying to get my credit in good standing but I need help can you tell me something I can do to speed up the process. I want to purchase a home.

2 Contributions
40 People Helped
Helpful to 24 out of 33 people

Stay at your current job for as long as you can

do not open or close any credit cards and pay cards down to at least 30 percent at al times.

Top Contributor

Reply by
Arlanna23

18 Contributions
32 People Helped
Helpful to 5 out of 7 people

In order to qualify for a home loan consider these key factors:

You have to have stable income as the other person that replied stated

You have to have at least 3-4 open and active accounts in good standing

You have to have a bank account with proven track record

Ideally if you want a better rate:

No collections

No Charge offs

No closed accounts

No pub;ic records

Whether the above mentioned are paid or not they are negative and can have a harsh impact on your debt to income ratio

1 Contribution
28 People Helped

Score has not change after 45 days, why

Helpful to 28 out of 42 people

Why has'nt my credit score change there were two collection both have been paid beyond 45 days, 1 has been removed the other remains, WHY?

Top Contributor

Reply by
Olfar

15 Contributions
43 People Helped
Helpful to 9 out of 27 people

The collection itself is a hit against the credit.  If it is unpaid, it is an even bigger hit.  Going into collection tells creditors that you don't pay on time so it is probably the WORST thing you can do to your credit.

Good luck on your house!

2 Contributions
40 People Helped
Helpful to 16 out of 26 people

The report stays on file for 7-10 years regardless if you paid it or not.

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Reply by
Arlanna23

18 Contributions
32 People Helped
Helpful to 3 out of 3 people

The 7-10 year rule is quite deceiving but I have found out that the rule means 7-10 years from the last date of activity. So if you opened an account in 2000 and everything was all good then you fell behind in 2005 your account was sold to collections in 2010 after 5 years of bouncing the account around like a wild flubber ball they decide the chase is just not worth it so the last time they updated the account was 2015. That account is not considered outdated until 2022-2025 becuase the last date of activity was 2015. Consumers generally believe that the 7-10 year rule applies from the year opened. So not the case unfortunately. And even still in 2022-2025 if the account has been untouched the credit bureaus will leave that account on there because they are so busy with other active updates so its up to you to tap them on the shoulder so to speak and say hey I know you got a lil caught up but this account is outdated for quite some time now can you remove that thanks. 

7 Contributions
70 People Helped

Collections reported and removed

Helpful to 16 out of 21 people

I have actually had collections that have been  paid to the agencies reported and removed from my report with in a week....I went through some id theft that really messed me up and I am now working on getting the aftermath cleared off...but I always ask how soon this will be reported....and cleared...if it is more than 30 days. I send in a dispute letter immediately  after the payment hits my bank

1 Contribution
17 People Helped

Helpful to 17 out of 24 people

I believe the collection will appear as having been resolved with a $0 balance after 45 days, but the collection itself will remain on the report for 7 years.  Not sure how that record impacts the overall credit score over time though.

Reply by
SimonandChammie

7 Contributions
70 People Helped
Helpful to 33 out of 40 people

Atually once the collection is cleared  you can dispute it if necessary ..once it is cleared and proven  that it ihas been cleared...it should be removed.....they ususally do not leave them on  for the 7 years....

Reply by
Roxanna7

1 Contribution
0 People Helped
Helpful to 0 out of 2 people

I payed off the only collection I had on 4/11/16.

It is still showing as not paid on my credit report.

When I call, they say it can take 60 to 90 days.

What can I do if it doesn't come off soon ?

Reply by
JAFlo

3 Contributions
12 People Helped
Helpful to 1 out of 1 people

Roxanna7 

If you have written proof( i.e. statement, receipt of paid in full) you can send that to the Credit reporting agency that it is showing up on and they will remove it.  It's usually within 7-10 business days that this will be removed from the time that you show the proof and get confirmation that it will be removed.  Hope that helps.

2 Contributions
2 People Helped

Helpful to 2 out of 2 people

does anyone know when i can get a dispute form ? My husband paid a collection agency money on an old very old bill that he didn't even know he paid well he paid them the amount they offered him to clear this off of his credit scrore . He hasn't seen it removed yet . He got the agent who called him and he told him it will be taken off in about a week well here it is 3 months later and it still shows open on his credit . What can he do to clear this matter up ?

1 Contribution
1 Person Helped

collection account

Helpful to 1 out of 1 people

For all of those who say charge off collections stay on the credit report for 7-10 yrs. Unless you know all 50 state consumer laws don't give advice. Check with your state on consumer credit. For example my state medical collections usually aren't counted when buying a home. Other collections must be removed after 3 yrs.

Reply by
NewMoon111712

3 Contributions
3 People Helped
Helpful to 3 out of 3 people

I have seen some companies re-file the debt right before it is due to drop off, so that keeps it on your credit file.

Top Contributor

Reply by
Arlanna23

18 Contributions
32 People Helped
Helpful to 1 out of 1 people

The 7-10 year rule is quite deceiving but I have found out that the rule means 7-10 years from the last date of activity. So if you opened an account in 2000 and everything was all good then you fell behind in 2005 your account was sold to collections in 2010 after 5 years of bouncing the account around like a wild flubber ball they decide the chase is just not worth it so the last time they updated the account was 2015. That account is not considered outdated until 2022-2025 becuase the last date of activity was 2015. Consumers generally believe that the 7-10 year rule applies from the year opened. So not the case unfortunately. And even still in 2022-2025 if the account has been untouched the credit bureaus will leave that account on there because they are so busy with other active updates so its up to you to tap them on the shoulder so to speak and say hey I know you got a lil caught up but this account is outdated for quite some time now can you remove that thanks. 

Top Contributor

Reply by
JohnnyRain127

1009 Contributions
557 People Helped
Helpful to 0 out of 1 people

Do you have a link to the site where it stated officially, the collection will be removed in three years in your State?

1 Contribution
4 People Helped

Helpful to 4 out of 8 people

I paid a collection agency the entire amount owed by my health care provider (who had not done their job) in the summer of 2013.  Why is it still listed as outstanding?  What can I do?

Reply by
SimonandChammie

7 Contributions
70 People Helped
Helpful to 12 out of 12 people

Write a dispute letter to the credit bureaus with your proof that it has been paid off

2 Contributions
3 People Helped

15 yr

Helpful to 3 out of 7 people

Trying to get my credit in better shape and there were 15 yr old accounts on there. Credit card that I never owns. Went through a credit repair but they just took my money. Any suggestions

Reply by
SimonandChammie

7 Contributions
70 People Helped
Helpful to 9 out of 13 people

Start writing dispute letters to get  the ball rolling....means doing some legwork yourself...but I have always found out that you are your own best or worst help when it comes to your own reliability and getting things done.

Top Contributor

Reply by
Arlanna23

18 Contributions
32 People Helped
Helpful to 1 out of 1 people

The 7-10 year rule is quite deceiving but I have found out that the rule means 7-10 years from the last date of activity. So if you opened an account in 2000 and everything was all good then you fell behind in 2005 your account was sold to collections in 2010 after 5 years of bouncing the account around like a wild flubber ball they decide the chase is just not worth it so the last time they updated the account was 2015. That account is not considered outdated until 2022-2025 becuase the last date of activity was 2015. Consumers generally believe that the 7-10 year rule applies from the year opened. So not the case unfortunately. And even still in 2022-2025 if the account has been untouched the credit bureaus will leave that account on there because they are so busy with other active updates so its up to you to tap them on the shoulder so to speak and say hey I know you got a lil caught up but this account is outdated for quite some time now can you remove that thanks. 

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