if there is an outstanding bill on my credit report will it disappear in 7 years?

Question

IF I DONT PAY ON IT??? OR WILL IT ONLY DISAPPEAR ONCE I PAY? HOW DOES THIS WORK?

okay for further explanation...i have a bill that i am paying to the collection agency...it is on my credit report.when will this leave my credit report,,in 7 years AFTER i pay it off? or 7 years whether i pay or not?

okay for further explanation...i have a bill that i am paying to the collection agency...it is on my credit report.when will this leave my credit report,,in 7 years AFTER i pay it off? or 7 years whether i pay or not?

Answer 1

Let me clean up these poor answers....

Julie is half right. If you are paying the collection agent right now, you need to see if they will agree IN WRITING to delete the negative information from your credit history. Otherwise, your history will simply show "paid" but will still reflect that it was in collections or had late payments. It's still going to have a negative effect on your score.

Negative credit information stays on your credit report for 7 years, beginning on the day you became delinquent (see FCRA Sec 605(c)(1))

There are only two ways to get it removed sooner than that.

1) The creditor must delete it.
2) The creditor fails to respond to a dispute investigation from the credit bureau.

You will find that once the collection agent gets your money, he is not going to be very cooperative in helping you fix your credit. That is why you need to get him to agree IN WRITING now! Why pay off a debt if you are still going to be punished with a bad credit score?

They may say "no". They may lie and tell you that they can't do it or that it's illegal. Trust me, I've read the law and the user agreements. Nothing prevents them from deleting their own entries from your history. If they won't do it, it's simply because they want to punish you by destroying your credit.

Answer 2

I totally understand what you are talking about. I was married to a jerk and when we divorced we had this problem. We owed about $1000 to this company for something stupid that we had purchased. About 6 and a half years later, the company tried to come after me for the $1000 plus interest. I ignored them, being that I am divorced from this guy and he said he would pay it. I was told by several people, one being a lawyer friend of mine that the company is not going to go through legal channels to recoop $1000. It would cost them alot more than that to take me to court. Anyway it is not on my credit report anymore, being that it is over 7 years now. If it is not an exorbanant amount of money no company in their right mind is going to come after you. My credit score is in the low 700, which is good.

Answer 3

No it will not go away. Collection companies will sell to another then another just to keep it open. Once you pay the credit file should report paid collection

Answer 4

The credit report may not show your outstanding bill, but the person you owe money to will still want to collect, the debt does NOT go away

Answer 5

In most cases 7 but some could take 10 years

Answer 6

Ask the collections if they can dismiss it from your report if you have made successful payments and do not miss one.
They may do that if you request it, if they say yes, get it in writing.
Otherwise it remains from the date they reported with a paid in full note for seven years.

Review your report yourself to check on that. If they haven't put the note on it yourself.
www.annualcreditreport.com

Answer 7

your outstanding bill will stay on there for only seven years unelse the company sells it to another collection place and then it adds another 5 years