Debt Consolidation Care Answers
Debt Consolidation Care Answers
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How long does debt settlement show up on your credit report?  

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Currently my husband and I are looking into debt settlement companies. Credit Solutions is the company name. Does anyone know much about this company? With any debt settlement company it seems you stop paying creditors, and save an determined amount of money a month. Once you have at least 40% of one of the debts, a settlement will be negotiated. In the mean time, the creditors will be reporting non-payment to the credit bureaus. Obviously this will hurt your credit, but how long does that stay on your credit report? Once all of our debt is settled and "Paid as Agreed" will we be able to finance a new home? I'm worried about long term effect to our, currently good, credit. If anyone can help answer any of these questions, I'd be very greatful.
Thank you in advance!!!
 

asked Aug 22, 2005 01:39 PM

sradacsi
Best Answer
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best answer

Sradacsi, it is the responsibility of the debt consolidation company to take care of your accounts and ensure that your accounts appear in good shape in your credit report.

The consultant working in the debt consolidation program should do every tactful negotiation with your creditors when your accounts are being settled. He should take this responsibility that the creditors will report your accounts as "Paid as Agreed" to the credit bureaus.

Though the creditors report the accounts to the credit bureaus, but if the consolidation company can guarantee a positive result in your credit report right from the beginning of the program, it will be a good decision to work with them.

answered Aug 22, 2005 02:22 PM

ben

5 Answers

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It would hurt your credit while your in the program. However after everything is settled by the company, you'll be free of debt and you credit score will increase tremendously.

if your interested we're working with different companies right now and you can check which one is suitable for you.

answered Aug 22, 2008 11:08 AM

Anonymous
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honey,

are you advertising, you little devil you?

sradaci,

do not call anyone advertising on this forum! debt settlement should be your last course of action, try negotiating your interest rates down with your creditors or look into consolidation before you give your hard earned money away to a debt settlement company.

answered Aug 22, 2008 11:18 AM

Anonymous
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This post is three years old, has anyone realized this yet? Please do not respond to this post unless you have something constructive to say or have a problem similar to the OP.

answered Aug 22, 2008 11:25 AM

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National Relief Top debt relief company in the nation.

answered Jan 3, 2012 12:44 PM

Anonymous
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Check us out @

 

WW.DEBTMEOUT.COM

 

FOR FREE CONSULTATION

answered Jul 5, 2010 12:40 PM

Anonymous
1 

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