I have paid off the late fees and other dues for my loans and credit cards. Will they get deleted from my credit report?
People believe that paying off collection accounts or late payment fees will help in getting it removed from their credit report as they are clearing off their debt. Well, it’s a good move to improve your creditworthiness and Credit Score as the adverse records won’t get highlighted in your credit report. But paying off collection accounts does not mean it will automatically get deleted from your credit report.
In fact, it will just appear as paid but will stay on your credit report for seven years since the date of first default. However, it is always advisable to pay off your debt as you can reduce your liability and show your willingness to complete your financial obligations. This will eventually be good for your credit score.