DMP's Help or Hurt?
Date: Tue, 11/02/2010 - 13:16
I apologize in advance if this was covered in another post and if so, please direct me there.
I wanted to know if Debt Management programs hurt your credit report/score? I have been on a program for just over 3 years now and will be completing it by the summer 2011. I haven't seen my credit score in almost 5 years and when I check my credit reports each year, I'm a little confused about how they designate those accounts as "closed by consumer" I have other credit cards that are not on the program, a car loan and a student loan all in good standing. Should I pay money to see my credit score? And once I complete the DMP will my score go up? I'm hoping to purchase a home in about 2 years.
Thanks
I wanted to know if Debt Management programs hurt your credit report/score? I have been on a program for just over 3 years now and will be completing it by the summer 2011. I haven't seen my credit score in almost 5 years and when I check my credit reports each year, I'm a little confused about how they designate those accounts as "closed by consumer" I have other credit cards that are not on the program, a car loan and a student loan all in good standing. Should I pay money to see my credit score? And once I complete the DMP will my score go up? I'm hoping to purchase a home in about 2 years.
Thanks
Debt management programs will hurt your score. Though not as muc
Debt management programs will hurt your score. Though not as much as a debt settlement program, but it will hurt your score. Moreover, a DMP will generally continue for 3-4 years and that remark will be there in your credit report.
