Collection accounts stay on your credit report for seven years from the original delinquency date of the original debt. After the seven-year period, the collection account will automatically be removed from your credit report. You will not need to notify the credit reporting agencies to remove the collection account.
The original delinquency date is calculated based on the payment history of the original account. If both the original account and the collection account appear on the report, they will both be deleted at the same time. The clock on the debt doesn't reset if it's transferred to another creditor.
If the collection account is still on your credit report more than seven years after the original delinquency date, you should dispute the information.
Benefits of Paying Off a Collection Account
Newer credit scoring models may exclude paid collections from credit score calculations, so paying off collection accounts could help your credit scores. Some lenders may even require you to pay off any past due debts before qualifying for new credit.
Disputing Incorrect Information
If there is information on your credit report that you believe is incorrect, contact Experian to dispute the information. If the information appears on your other credit reports, you should contact those credit reporting agencies separately and dispute the information with them as well.
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Scoped on: 3/21/2019