In what way will my credit report suffer?

Hi loudenlady,

Welcome to debt consolidation care forums.

Quote:

How will my credit report look if it reflects debt consolidation conditions?

If you are dealing with an inexperienced and bad debt consolidation firm, they will settle your firm with some condition, but on your credit repair it will appear as "settled", which in terms will hurt your credit rating.

But if you are dealing with a good debt consolidation company, they will try to settle with your creditors on better terms. Their main aim is to provide a cleaner credit report at the end. The process goes like this,

The company will bargain with the creditors to report you saying "paid as agreed???. A creditor generally agrees to alter your credit listing based on a fresh contract. The fresh contact under debt settlement and if you pay per this fresh agreed contract, doesn't this mean ???paying as agreed???? So you are paying as agreed and they would report as "paid as agreed". Always remember that for creditors more important is making money not reporting bad credit reports.

Just learn the techniques and you will leave with a cleaner credit report, we are trying to put all the information in our "do it yourself" section. Keep checking in the coming days for sample letters and negotiation process.

Thanks
Vikas