Credit Counseling

Want to say "Welcome". Gosh.......actually you just 'told' me something I din't know, TM. I din't know if you ARE in a Consoladation Program, that your accounts, on your CR's are 'noted'. Never knew that. I guess you learn something knew everyday here!! :D I'm not an 'expert' in this filed, however.......I'm sure someone will be here soon to help you out. I just wanted you to know that your post was read. Hang in there.

Yeah, I was talking to my neighbor, who is a manager in a processing department for BofA, and he told me that if someone has CCCS on their credit report that there are a lot of products (loans, etc) they cannot get. I asked him to elaborate, and he said that at the top of some of the summaries for the products, it explicitly states that CCCS cannot be on the customer's credit report. I know that while you're in CCCS you shouldn't be getting any loans anyway, but my concern is what will happen after I am done, and he told me that they only look at if the notation is on there, not whether or not you are done, hence my question.

I also asked him if this practice was common throughout all banks, and he basically said that he cannot vouch for every lender out there, but most creditors will treat CCCS the same way.

Sorry for the run-on sentences, grammar nazis :)

I just took a look at my husbands credit report. He went through CCCS and finally got all his debt paid off. 2 accounts state Account payments managed by a financial counseling program. The rest of them say paid, closed, never late, which is kinda funny since he was late on them. It's been approx. 4 years since he completed CCCS so I don't know what was reported during that time. I get the impression that it depends on how bad the CC companies want to ding your credit history. I'm guessing since they are not so recent they don't have as much negative impact. He was able to get a new car loan in 2006 (decent down payment and paid in full in one year). Course that may not be the case with the current conditions.

Thanks guest!

This answers my questions from one situation, but I'd like to hear other responses as well. Anyone recently complete a CCCS program get their credit report? Anyone that got out 4 years ago like the guest above please feel free to respond as well.

shameless self-bump. anyone? this is kind of important, considering a lot of loans specifically treat CCCS the same as Ch 13 bk.

While you are in a debt management Plan with a credit counseling company it will show up on your credit report that you are in a program. This program will not hurt your FICO score but could possibly hurt you getting further credit until you complete the program. Once you complete the program it comes off the credit report as if you were never in it and should have no problems obtaining credit.