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I currently have a credit score of 667. The only negative note I have is from a credit card where I owed $4,100 but failed to make any payments for 22 months. That debt was eventually charged-off. However, in June 2016 I paid the debt off in full in one lump sum and then closed that credit card.
Will this affect my credit score for the next 7 years or is there a way I can have this taken off my credit report sooner?
Unfortunately, there is no easy way to remove that debt collection from your credit report. It will stay on there for at most 7 years from the first date of delinquency. You could try and dispute it.
However, if you can't remove the debt by disputing it, you can negotiate with the collector to have the account removed from your credit report in exchange for payment.
It will have an impact on your credit score, but over time, your score should go up if you continue to stay current on all your debts, not opening new lines of credit unless you need to, don't utilize more than 30% of the credit available to you, etc.
