Bad Credit Agency

I have roughly 5 -10k in bad credit card debt. I was wondering if I pay them off, will I get my cards back ?

Its been over a year since Ive been able to make any type of payment on them. Also, they all been turned into collection agencies. I know I will have to build up my credit again. I was just wondering if the cards I have will be turned back on again, or will I have to start fresh ? Also, lets say I was able to pay off all my bad debt tomorrow, will my credit report be cleared of all the bad things ?

Public Comments

1. Creditors can either enlist collection agencies to recover debt on their behalf, or they can sell your debt to the collection agency. If it is the latter, then the account is closed. If it is the former, the account is probably "active", but there may be a block on it. For example, when I worked in the library, we used an outside collection agency to collect on library fines over $50. The library card is blocked. Only until they pay off their balance will we allow them to use the card again. (The books are assets of the City....a library card is like a credit card in which you're borrowing property.) Your credit report will show that your collection accounts have been closed. They'll still show up on your credit report, so your credit will be ruined until you are able to repair it (through time and more responsible care of your credit). Even if your accounts are still active, you will be paying high interest rates because you defaulted, which allows them to charge the regular rate. You might want to start anew, so that you have a better interest rate and your limit will be much lower, allowing you to maintain control of your credit.
2. If you pay off your debts then you will be able to raise your score in few year may be 2-3 years but you need not have to start fresh. But again it will take 7 years to get the things cleared from your credit report. There are some companies who help you pay off your debts and see to that your things get cleared from the credit report. Hope this answers your question. Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.
3. Hi, I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. Icame across this company on NBC News Special Edition.Check it out here: http://shurl.net/5oX