consolidation loans in my credit report
Date: Tue, 01/31/2006 - 16:40
Tater, don't take a consolidation loan for repaying your past de
Tater, don't take a consolidation loan for repaying your past debts. Instead, you can opt for some consolidation programs. You don't have to put anything as collateral in such programs unlike the consolidation loans.
Besides, there is always a risk of losing the security if you default in the payments.
Take a consolidation program and combine all your debts into one monthly payment. The creditors will reduce the interest rates and wipe off the late payment fees. Thus, you will have good options for your repayments and become debt free.
Consolidation program does not hurt the credit ratings. A remark will be shown in your credit report that you are using this program. This will stay until you have paid off all your debts. Once the accounts are completely paid, the creditors will report your accounts to the bureaus and they will be marked as 'paid' in your file.
Take a free counseling offered by this website. The consultant will call you for a free discussion and make you aware of the various repayment plans. This sign up is completely free here.
