T & C and how it affects credit

First off....I have talked with Stacy at T & C several times when I thought about using them for my pdl's. Isn't she a sweetheart?

Well if you use T & C for your pdl's that should not affect your credit. I am not sure about your credit cards or car payments. I am sure someone will come along with more experience in this area. I don't THINK it shows that you are working with a third party unless you are doing a settlement which is not something T & C does but really, I am not sure. Hang tight, someone who knows the answer will be here soon!! :)

Most pdls do not report to credit bureaus so your credit should not be touched.If agency collecting for one does put mark there,let T&C settle it with stipulation to remove that mark. I think pdls will put you in teletrack. You won't be able to get pdls anymore,darn the bad luck.Don't need them sharks anyway.

But what if she used T & C for her credit cards and her car loan? How would that affect it and would her credit report reflect that she was paying through a third party?

Well if she used them for actual credit transactions,the creditors will place comment of paying thru a debt plan.I have been told the code is just as bad as bankruptcy.I have also been told that creditors would rather see that note than lose money completely thru bankrupt debt.I guess it will depend on the creditors and if T&C can include stipulations in the settlement quotes.

Well, we've already filed BK but are trying to rebuild credit. If this shows up on credit report by T & C working with my credit card companies and my personal loan then I'd rather leave them off. I can handle the credit cards, which are current, and with them handling just the PDLs, then I can get caught up on the personal loan. It wouldn't look good if the credit report shows BK then debt managment after that. We're wanting to buy a house and so far, on paper we look good but we would like to improve our score. Haven't had any lates although I may be 30 days on the personal loan if I don't make a payment by the end of the month.

Then I think that if you are managing things except for the pdl's, then I would only use T & C for the pdl's and keep making your other payments as you have been doing. Good luck with that.....and as long as you don't make more than one payment over 30 days on the personal loan hopefully that won't damage your credit too terribly.

Then what is the incentive to use one and not file bankruptcy??

The incentive is on manual review of credit,underwriter knows that you paid your bills even in troubled times.You are even allowed to put a consumer statement on your report explaining your circumstances if you desire.

OH well that makes sense :)

I have got a statement on my credit reports from when I went through my divorce from my first husband, but now I have been told that statements can affect the credit report also, by lowering the score. We were going to put a statment exlaining why the house payments have been behind and why some of the bills have been late but don't want to make things worse than what they are. Not sure what to do.

You could go to the myfico forums and ask that question to them. I don't see how a statement would effect scoring models.

Hello,
I need more info on T & C before these payday hounds drive me crazy.

May I have the number for T & C.