Credit help paid in full?

No, it isnlt. It won't say paid in full, it will show "settled" which is better than skipping, but isn't going away. Late payments don't get taken off. Make sure you get the commitment in writing from them first in any event.

What type of debt is this....is it old defaulted/charged-off credit card debt? How old are the defaults?

Paying back a defaulted/charged-off credit card will not restore your credit rating.When a credit card defaults/charges off, the damage is done and there is no undoing it by paying it back. Per the Fair Credit Reporting Act, a charge-off, whether paid, settled for less or not paid at all, will remain on a consumer's credit reports for up to 7 years....so you'll be stuck with damaged credit regardless of what you do. It is impossible to have a charge-off removed before 7 years. The only reason to pay back a charge-off is if you're trying to clear your credit for a mortgage...otherwise just sit tight and do nothing.

You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. from your credit report with a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this....all they want is your money and their commission and they could not care less about your credit rating....Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:

I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.

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Again, they are not going to want to do this...if they simply refuse to remove it, then you want to negotiate that they will update your credit report to "Paid in Full.”

Get all terms of any settlement deals IN WRITING FIRST, then you pay. Never accept verbal promises over the phone...they'll promise you anything over the phone to get your money then they'll deny that any agreement was ever made once they have your money. Pay only via USPS money order. Photocopy and keep in your permanent records. Never, ever give them your checking account numbers for payment.