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In fact, you should expect it to remain on your reports for seven years. The only exception to the seven-year rule is medical collections: All paid collections have been removed from credit reports, leaving only unpaid medical collections of $500 or over.

With most of the current standard credit scoring models, paying a collection account off likely won't increase your credit score since the item will remain on your credit report. It will show up as ?paid? instead of ?unpaid,? which might positively influence a lender's opinion.

In general, collections accounts stay on your credit report for up to seven years, even when they're paid off in full. That means that paid collections can continue to hurt your creditworthiness for that length of time. However, the impact of collection accounts on your score lessens with time.

If your collection account is paid in full but hasn't hit the seven-year mark, the creditor or collection agency may remove the account from your credit report if you request a goodwill deletion. While getting this outcome is a rare occurrence, it doesn't hurt to ask.

Here's how to remove paid collections from your credit report?or at least try to do so: Send a letter to the debt collection agency or ask via phone for this option. If the agency agrees, get the agreement in writing. Pay the debt. Follow up to make sure the debt is removed from your report.

You'll need to dispute it with any credit reporting agency that's showing it on your credit report. The collections account information is correct, but you've made steps to remedy the situation. In this case, you can write a goodwill letter or pay for delete letter to ask for the account to be removed.