If you haven't already, make sure that the payment is a PFD, payment for deletion. In other words, they agree to remove ALL derogatory information from the 3 main CRA's (Equifax, TransUnion, and Experian), plus any other to whom they may report (Innovis, ChoicePlus, and on and on.) You want to get this in writing, signed by someone at the collections agency and/or law firm who has the authority to do this. If the account reports at all, it should show as paid in full.
It should be no skin off their noses to do this, but they like to get snotty about this, especially if they think that they can get more money out of you. But it is VERY important to get the negative information off of your credit reports.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007