Debt Management Plan
Date: Wed, 08/19/2009 - 11:07
I have been in a debt management plan for almost 2 years. Because of financial difficulties, some of my payments to the mgmt. company were either late or skipped. My credit report shows late payments to the creditors, and a notation that the account is in a DMP.
I am now back on track with my DMP. I have 2 questions:
1) how long will it take to improve my credit score (542)
2) how long will the DMP designation affect my credit?
Thanks.
I am now back on track with my DMP. I have 2 questions:
1) how long will it take to improve my credit score (542)
2) how long will the DMP designation affect my credit?
Thanks.
I used a debt management company once, and it was notated on my
I used a debt management company once, and it was notated on my credit report at least 4 years after it was paid off. As far as improving your credit score, that will only come with time. The older that late payments are, the less weight they have. It could start to show improvement in six months if there are no new negatives.
