From noncompact to compact: You must apply for licensure by endorsement in the new state of residency. Your individual state license issued by the noncompact state is not affected and will remain active if you maintain licensure and if so provided by the laws of the nonparty state.
It will remain on your credit report for seven years and 180 days after it was first reported late. Although paying the settlement is unlikely to affect your credit score, it will ensure that you are not sued. A judgment against you is an even worse blemish on your credit report than a collection.
So settle in and get ready to go in-depth on everything you need to know about collections and getting them removed from your credit report. Table of Contents 1 How long do collections stay on your credit report? Collection accounts can remain on your credit report for up to 7 years. Even if you pay it in full, itâs still considered a negative account and will stay on your file as a âpaid collectionâ for 7 years. A collection account is also separate from the original creditorâs charge off account that will more than likely also show up on your credit report.