“How Long Before a Collection Comes Off My Credit report?”
How are you and hope you had a nice Thanksgiving!
I paid off 1 of the derogatory accounts, however it’s still on credit report and I asked for a settlement statement but nothing so far and I’m hoping to do the other one by weekend! Is there a time period for them to report?
There isn’t a simple answer for how long it takes for a derogatory item to come off your credit report, as there are several answers:
1) It can take up to 7 years
2) If paid in full you might be able to negotiate with the creditor to remove it completely, but they don’t have to agree.
The real goal should be to have anything derogatory on a credit report to STOP reporting the account in a negative way and to show the obligation as settled or paid. Once that happens that credit item will start improving the credit scores.
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Joe Petrowsky, NMLS #6869
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