Paying off collection agency and credit report .

March 9th, 2007 by Questions

I failed to pay two credit cards from the same company about 3 years ago and they sent it to collections. Because I was sick and unable to afford the payments..I eventually stopped even the small amounts I was paying. Finally they stopped calling and its been about 2 years. IT shows on my credit report that the two accounts are with the collection agency. The other cards I was taking money from one to pay off the minimum payments on the other. Because Im not working I cannot file a consumer proposal and I was on the verge of bankruptcy. But my parents have offered to settle some of my debts and also to pay off the amounts in collection.
Question is, if I pay off the collection agencies,..will they take it off my credit report? I.E would it still show on my credit report that two accounts were sent to collections?

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One Response to “Paying off collection agency and credit report .”



, Barton Goth, GCO, Bankruptcy Trustees said:

If your parents pay off the collection agencies there will still be a blemish that is found on your credit history. As a result, you will have a little work to do to rebuild your credit rating. For more information on this I suggest you read the following link: credit repair

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