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 Posted: Sat Apr 19, 2008 3:44 am Subject: Social Security # |
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Do the debt management companies need your SS#? Why? If your credit is good and you use a debt management co, does that affect your credit?
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mary7083
Joined: 19 Apr 2008
Posts: 1
Debtcc Points: 11
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| Posted: Sat Apr 19, 2008 5:01 am Subject: |
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I think it might actually affect you credit. I'm not sure in what way, though. Just hang tight. Someone who knows alot more than me will be along shortly to help you.
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freakmeout
Joined: 28 Mar 2008
Posts: 98
Debtcc Points: 1307
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| Posted: Sat Apr 19, 2008 3:46 pm Subject: |
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1) I think dmp's usually need your SSN for lookup and identification purposes. They usually relay it to your creditors too - that way they can differentiate between all the John Smith's. Some DMPs might pull your credit to see who you owe money too; in that case they need your SSN.
2) It may/probably will affect your credit. The DMP will not report to the bureaus. But your creditors will still report. If your creditors don't agree to re-age the account, then they will report you delinquent. Your creditors that do agree will usually put a comment on your credit that says "Paying under a partial payment agreement". If you fill out a credit application, potential lenders see that as a sign of distress and may turn you down.
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DebtCruncher
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