Posted on: 13th Mar, 2012 01:49 am
So once I pay off a debt what happens to it? Will it get removed from my credit report or will it stay on for 7 years just with a zero balance.
Hi jena,
Any credit account will remain in your credit report for 7 years. So, though you pay off the debt, it will remain in your credit report for 7 years with a zero balance.
Take care
Any credit account will remain in your credit report for 7 years. So, though you pay off the debt, it will remain in your credit report for 7 years with a zero balance.
Take care
Hi jena,
After you pay off the debt, it won't get removed from your credit report. It will considered as a positive item and can stay in your credit report for the next 7 years. However, if you go for pay for delete, you will be able to get it removed from your credit report. You should also note here that pay for delete option is mainly available in case of collection agencies and in most of the cases, they may not allow you this option.
After you pay off the debt, it won't get removed from your credit report. It will considered as a positive item and can stay in your credit report for the next 7 years. However, if you go for pay for delete, you will be able to get it removed from your credit report. You should also note here that pay for delete option is mainly available in case of collection agencies and in most of the cases, they may not allow you this option.
Since you have paid off the debt, it will be counted as a positive thing. Moreover, this will remain in your credit report for 7 years.
It'll remain on your credit report forever. Positive tradelines stay on credit reports - negative tradelines drop off automatically after 7 years.
Hey jena123,
Looks like your questions been answered but to sum up, a debt that's been paid off will stay on your score for Seven years. Any debt that has been paid off is a good thing and helps to build your credit score. Also, there are good and bad types of debt:
Good debt would generally be investments. Things like mortgages and student loans are forms of good debt whereas credit cards are considered bad debt because of the nature of the items purchased (clothes, food, recreation, etc.). Good and (especially) bad debt should be paid on time, every time.
Looks like your questions been answered but to sum up, a debt that's been paid off will stay on your score for Seven years. Any debt that has been paid off is a good thing and helps to build your credit score. Also, there are good and bad types of debt:
Good debt would generally be investments. Things like mortgages and student loans are forms of good debt whereas credit cards are considered bad debt because of the nature of the items purchased (clothes, food, recreation, etc.). Good and (especially) bad debt should be paid on time, every time.