Quote Quoting azlegal3
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So, once (and if) I do payoff this law firm and debt collector, do you know if they will both be removed from my credit report? Right now my credit report shows separate records for both the original creditor and the LVNV "scavenger" debt collector.
I can answer that question for you because I was once a dues paying member of a credit bureau and I learned all the rules.

Negative entries on your credit report don't get removed. They get updated as appropriate.

If the original lender charged off the loan, the charge off will stay that way until the 7 year period is up.

Once you settle with the collection agency, the entry will change from collection account to something like "was collection account, now paid" which is less negative.

If the default judgment gets entered it will also show up on your credit report until you pay it. Once you pay it, the entry is updated to show that the judgment was satisfied. Again, a less negative entry.

Creditors are contractually bound by the credit bureaus to follow those rules or they lose their access to the credit bureaus, effectively putting them out of business. So don't believe anything you hear about things getting removed from credit reports.