It depends entirely on the situation. I had one collection bill that was nearly to the SOL, but that had about two more years left on it, and I just wanted the thing off my report. So, I settled, sent them a letter, they waited a month and sent it back signed, well after the date that I was to make payment. I then called them and told them to speed it up, and that I would send another agreement prior to payment. Another account for an auto repo sent it back via fax in 24 hours. They also removed the account about two weeks after I had paid, and placed a "positive" account showing a good payment status in exchange. Again, it'll depend entirely on your situation.
