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.
They can try and collect for 7 years before it falls off your credit report. If you file bankruptcy, then it'll stay on your credit report for 10 years. If you have a student loan ... this will never fall off your credit report and you WILL have to pay it. Trust me, I've been going through this for 4 years and my credit report says that my delinquent credit card accounts will fall off in 2011. After that, collection agencies have to stop calling and harrassing you ... and they can no longer collect. J Â· 9 years ago.