Straight from the proverbial horse, credit bureau TransUnion gives advice.
One common misconception is that paying off a negative record will get it removed from our credit report. Not quite, says TransUnion, the Chicago-based consumer credit management service.
Negative records, such as collection accounts, late payments and bankruptcies can stay on your credit report for seven to ten years even if you pay it off. But paying off your debts is still a smart move because they will be marked paid on your credit report.
