when do paid collections stop reporting

[Anonymous]

If you have a collection that the dofd is 5 years ago 2015 and pay in full today 2020 what are the effects on fico?

will the fall off my report date change to 7 years from today 2027 or still be 7 years from the dofd 2022.

[donkort]

They are supposed to, by law, stop reporting 7 to 7 1/2 years beyond the DOFD.  Which means they will fall off your report in 2022--definitely.

The DOFD cannot be changed----ever.  If it's 2015, then it's always 2015. 

I would say there's less effect on your credit score as the years go by-----but really not too much effect, overall, until they are deleted. 

Have you tried to write a "goodwill" letter for this collection?

[Anonymous]

Thank you for replying. I was advised not to pay because if I did it would reset the clock and not fall off till 2027. It did not seem like correct information. Wanted some clarification.

[donkort]

I forgot to tell you.

Go to annualcreditreport.com, and get info on the collection in question.  For all three bureaus.  The DOFD will be on there.

Just in case some collection people try to get slick.

[Remedios]

Reporting clock cannot be restarted. 

It's typically mixed up with expired SOL, which can be restarted under certain circumstances 

As far as the effects, after you pay it, it depends on whether collection agency is currently updating monthly on not. 

If it's not updating monthly, there will be a few points lost when payment reports. 

Even positive update (payment) to negative account (collection) will cause this drop. After that, your score will start gradual recovery. 

If collection is already updating monthly, there will be no immediate change, but just like in the case scenario above, paying it off will allow your scores to gradually recover. 

If collection agency agrees on PFD, and this is your only negative, there should be points gain. How much will depend on what the rest of your profile looks like. 

[donkort]

Sorry.  I should advised you to go for a "pay for delete."  

If the collection is your only collection, like Remedios said, there will be a rise in your score.  Because you would then have no derogatories.