Credit Report Effects
Date: Thu, 05/12/2005 - 20:50
If I choose to use debt consolidation, how will my credit report be affected, will it show that I used you to reduce my debt?
Hi Guest,
Hi Guest,
Welcome to the community.
Quote:
If I choose to use debt consolidation, how will my credit report be affected, will it show that I used you to reduce my debt? |
It is important to have a respectable credit rating inorder to have a decent credit report. Good and tactful negotiation can change your credit rating. While negotiating with your creditor during a debt settlement program your ultimate motive is to see your account position as, "Paid as Agreed" or "Account Closed- Paid as Agreed".
The account with a "Settled" status is derogative for your credit report. This credit rating is the last option for any debtor. To change the negative credit ratings convince the creditor through proper negotiation.
View this article for further details:
Hope you remain as a regular partner in our community and share your experience with us.
Thanks,
Faithful buddy
Hi Guest, It was a great explanation by faithfulbuddy and he
Hi Guest,
It was a great explanation by faithfulbuddy and he has done it right. Choosing debt consolidation will certainly improve your credit rating as in this case, you only have one single payment to make in each and every month. It certainly reduces the risk of making various payments at different dates which sometimes may get miss even.
Hope to hear from you soon
Thanks
Roxette
