Hi,

My mastercard debt was recently transferred to a collection agency, CBCL, which I have heard horrible things about. I have made arrangements to pay, though I am feeling wary about it. Obviously, not paying my mastercard debt has made my credit rating decrease. Will paying off this debt to CBCL help my credit rating?
Would my rating stay the same, whether I paid or not?
If I don't pay, will it show up on my credit report?

Basically, I also want to know whether it is even worth it to give them the money...

Thanks,
Shawn

Hello shawn:

A PAID charge off is less damaging to your credit that a NOT paid would be. But, not a lot.

However, you have more to worry about than your credit rating. They can sue you, and probably will. The judgment they'll get will be for $1,000's more than you owe when you include legal fees and costs. Then they'll just take the money out of your bank account or your paycheck.

excon