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?


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

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)