Will affect my credit score?

I believe it does make a temporary negative. As it shows you are having difficulty paying your creditors. However the long term can be considered nothing if not good.

In my own personal experience, we were headed for a train wreck if we didn't consolidate. So a temporary dip in our credit rating was far better than the impending disaster.

Pavel,

You have not mentioned the current status of your credit report, however, debt consolidation removes the negative entries from your credit file and once all the derogatory marks are gone, your score will definitely go up.

By placing your accounts under debt consolidation program, you ensure regular and timely payments towards your accounts and on time payment is the most important aspect of credit score calculation. Hence it will help you obtain a high score.

When the program is on the way, your report might show that the accounts are under consolidation. But on the successful completion of the process, the derogatory accounts will be reported as paid or paid as agreed. So this will not hurt your score anyway.

You can go through the benefits of debt consolidation and check how it helps to achieve a good credit-

http://www.debtconsolidationcare.com/benefits.html