answersLogoWhite

0


Best Answer

It sticks for 7 years. The fact that it was turned over to a collections agency will make it to your credit report. When it is paid in full, it will say "settled" on your credit report so other creditors know you took care of the debt. Even so, it still haunts your credit report for 7 years.

User Avatar

Wiki User

โˆ™ 2006-03-06 16:23:09
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides
๐Ÿ““
See all Study Guides
โœ๏ธ
Create a Study Guide

Add your answer:

Earn +20 pts
Q: If you have an account that went to a collection agency however you paid it in full how long does it take for that collection account to be removed from your credit report?
Write your answer...
Submit
Related questions

Is it legal to reissue a warrant after you sell it to a collection agency?

no... once the 7 years has been achieved on a collection account. The account is no longer valid and must be removed if disputed by a consumer.


What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?

Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.


Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?

No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST


How can you mend your credit after a paid collection?

Only the credit bureaus the collection agency can remove a collection from your credit report. The collection agency won't do it now since it is paid and they have no reason to. You can dispute it to the credit bureaus and ask for verification on the account. They will have 30 days to verify the items or it must be removed from your credit report.


Can the original creditor direct their collections agency to have an account removed from a credit report?

THE ORIGINAL CREDITOR WILL BE ABLE TO HELP WITH REMOVING AN ACCOUNT BY REPORTING THIS TO THE BUREAUS. DO FIND OUT IF THEIR IS A NECESSARY STEP IN CONTACTING THE COLLECTION AGENCY FOR THESE SERVICES TO BE TAKEN CARE OF.


Can the collection agency freeze your bank acct in Fla?

No. A collection agency can not freeze your bank account. Only a judge could do that.


What does it mean when your credit report states that you have a paid closed collection account on you credit report?

The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.


Can my account be sold to another collection agency?

Yes.


Can a collection agency freeze your bank account in NC?

No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).


What is a Derogatory public record or collection?

== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.


Can collection agency put a lien on your bank account in sc?

It is possible for the collection agency to put a lien on your bank account. Before they can do this, they must go through the proper procedures first.


If a debt is reflected on your credit report by a collection agency can the original creditor recall their collection allowing you to dispute the debt with the credit bureaus and have it removed?

YES, THIS COLLECTION ACCOUNT CAN BE DISPUTED; WHICH MEANS THAT AFTER THIS IS DISPUTED YOU CAN ALSO REQUEST FOR THIS ACCOUNT TO BE REMOVED FOR GOOD WITHOUT HAVING TO WAIT FOR THE SEVEN YEAR PERIOD. THIS WILL ALLOW YOU TO HAVE A CLEAN CREDIT HISTORY WHICH IN TURN INCREASE YOUR CREDIT RATING.


If something is disputed and removed from your credit report can a different collection agency re-submit the same account?

yes, unless the original creditor has been disputed.


Can you pay an original creditor after the debt is sold to a collector?

No, the collection agency is now the rightful owner of the debt in question and the original creditor has removed the account from their books.


If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?

No the collection will not be removed from the credit report. They will show it paid in full.


Why original creditors sale accounts to a collection agency?

Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.


Can a collection agency issue a warrant for a payday loan check that went back?

If a Payday Loan company hires a collection agency to collect on your account they can send your account to an attorney to collect the amount of the loan and any NSF fees that you have accumulated. However, it is stated at the bottom of your contract that if you close your checking account that the loan is made from, that you can be charged with fraud.


How many times can a collection agency garnish your bank account?

Once a collection agency has gone through the procedure to garnish your bank account, they can do so as many times as necessary until the debt is paid.


Asking If you pay the collection agency can you have the derogatory item removed from your credit file?

pay the collection agency, then check what their report is about you, if not good threaten to get a attorney and bring suit


Can a collection agency increase interest on a charged off account?

Yes.


Can collection agency take money out of joint account in ct?

Yes they can.


In Colorado does a collection agency have the authority to levy my bank account without notifying me first?

A collection agency in any state would need to notify you first.


Once the delinquent account has been turned over to a collection agency the physicians office should do what?

Once a delinquent account has been turned over to a collection agency, the physician's office should stop billing.


What do I do after a collection agency sues me?

Once a collection agency sues a person they may have to get an attorney and go to court to settle this. The agency wants you to pay the money you owe them however they can get you to do it.


If your account is sold to a collection agency how to do you find out when it was sold and how old the account is?

When the collection agency contacts you, they have to give you the opportunity to request information concerning the debt. You will have thirty days to send a written request to dispute the debt. And to ask for confirmation of the original creditor, the amount owed, when the account was remanded to the agency, etc.