How long should keep records showing I paid off a collection agency?
I finished my payments to a collection agency. How long should I keep all the bills and letters stating my overdue balances? Or should I just burn them?
I would keep those records for 7 years. If you had a collection account it will remain on your credit file for 7 years from the date of first delinquency in most cases. You should want to keep those records just in case something is changed or updated in your credit file even years down the road. Tuck those papers away just in case you need them or if you are anxious to burn them, burn them at the 7 years from first delinquency point…
PS - I don’t know if you went this route or not, but in the future offer "pay for delete" agreements with collection agencies. Basically, this is when you offer to pay in full or settle the account for less and in return the collection agency will delete all negative info from all credit reporting agencies. This is a benefit for you as you’re not stuck with the negative account and they get their money…
The source I left below goes into more detail about this as well as other helpful credit info.
Hope this helps & best of luck
November 26th, 2009 at 8:02 am
You should run your credit report in 6 months. If those collection agencies reported that you "paid in full" then you should be ok to trash your records.
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November 26th, 2009 at 8:32 am
5 years, at least.
Check your credit report. Things that hurt your credit should fall off 5 years after you’ve settled the debt, if not, then you need to contact the credit reporting agency and show them the debts were settled.
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November 26th, 2009 at 8:39 am
I would keep those records for 7 years. If you had a collection account it will remain on your credit file for 7 years from the date of first delinquency in most cases. You should want to keep those records just in case something is changed or updated in your credit file even years down the road. Tuck those papers away just in case you need them or if you are anxious to burn them, burn them at the 7 years from first delinquency point…
PS - I don’t know if you went this route or not, but in the future offer "pay for delete" agreements with collection agencies. Basically, this is when you offer to pay in full or settle the account for less and in return the collection agency will delete all negative info from all credit reporting agencies. This is a benefit for you as you’re not stuck with the negative account and they get their money…
The source I left below goes into more detail about this as well as other helpful credit info.
Hope this helps & best of luck
References :
http://creditmagic.net/credit-steps/step-3-negative-accounts/
November 26th, 2009 at 9:03 am
Go Joe——–7 years for sure!
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November 26th, 2009 at 9:27 am
I would put them all into a file and save them for seven years. After seven years, I would take the final letter showing you had completed payments and put it into a "hold forever" file, destroying all of the other material. You never know when those pesky bill collectors may decide to come after you again…
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November 26th, 2009 at 9:58 am
For as long as you have room to store them at least 7 to 10 years
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November 26th, 2009 at 10:40 am
Legally, you need to keep them for the duration of your state’s statute of limitations.
However, the safe thing to do is keep all financial records for at least seven years. This is longer than all state statutes require, and is longer than the IRS requires and is the max length of time credit bureaus carry items on their reports.
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