Consolidating Payday Loans and Credit Score
Date: Fri, 08/25/2006 - 08:14
I know someone asked a similar question, but this is very important to me and I would like some additional feedback. I am in the process of consolidating my payday loans only with T & C. How does this effect my credit score, and what will the credit card companies I have do once they find out I am working with T & C. Once again the only thing I am consolidating is my outstanding payday loans, nothing else. Please help. Thanks
I know most payday loan companies don't report to the credit bur
I know most payday loan companies don't report to the credit bureaus. But a collection agency might report a payday loan account under collections.
If your file hasn't reached the collections yet, check with your lenders whether they report to the bureaus. Most don't. But they will report to the Teletrack etc. and the negative information will remove for five years.
