Sad part is they don’t get in any hurry to remove it. They can leave it on your credit report for up to 10 years. That is what ticks me off with the whole credit reporting process. I believe you can get it removed if you are willing to pay to have it removed,that’s why I think the whole process sucks.
You can speed up this process considerably by disputing the item on your credit report. The creditor has 60days (I believe, but def less than a year) to validate the debt. If they validate, it will be updated to status of paid. If they fail to respond in time, the item is removed. Either of which is better than waiting 7 years.
It should come off seven years from the date you settled with the collection agency. Have you checked your report? Many companies claim they will report you to the big three. However, most companies don't take the time, effort and money to go through the process that allows them to report. Not just anyone can report to the bureaus. Scott's answer, I am sure he means well, does not ring true. Bad credit, as long as you do not do anything that will make the date go out further, comes off all three reporting agencies after a period of 7 years. The timeframe of ten years pertains to bankruptcies on your record. Calling into a collector, or corresponding with them can extend your 7 year timeframe from that date, as opposed to the date the delinquency was reported.
I had to contact them. And specifically ask them to fax/mail you a past tense letter of deletion and to update the credit bureaus. They’ll put up a fight.
Falls off your credit report after 7 years whether you pay it or not.
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