Will your credit rating be impacted by an account being placed with a collection agency?
Unfortunately, yes. The original people you owed have written
you off and when they sold your account to the collection agency
they notified the credit agencies at the same time. At this stage,
you probably gain nothing from paying the collection agency. They
are jackals who buy these delinquent accounts for pennies on the
dollar on the assumption that they can either cajole, threaten, or
frighten you into paying something that only they can benefit from.
Whatever else you might do, I do not advise you answer the phone to
these people. You cannot reason or argue with them, because they
work from a series of scripts that they have to stick to, because
each gets more frightening than the last as they work you