index page

How long does debt settlement show up on your credit report?

Date: Mon, 08/22/2005 - 13:39
Submitted by on Mon, 08/22/2005 - 13:39
Posts: 202330
Credits:
[Donate]

Currently my husband and I are looking into debt settlement companies. Credit Solutions is the company name. Does anyone know much about this company? With any debt settlement company it seems you stop paying creditors, and save an determined amount of money a month. Once you have at least 40% of one of the debts, a settlement will be negotiated. In the mean time, the creditors will be reporting non-payment to the credit bureaus. Obviously this will hurt your credit, but how long does that stay on your credit report? Once all of our debt is settled and "Paid as Agreed" will we be able to finance a new home? I'm worried about long term effect to our, currently good, credit. If anyone can help answer any of these questions, I'd be very greatful.
Thank you in advance!!!


Sradacsi, it is the responsibility of the debt consolidation company to take care of your accounts and ensure that your accounts appear in good shape in your credit report.

The consultant working in the debt consolidation program should do every tactful negotiation with your creditors when your accounts are being settled. He should take this responsibility that the creditors will report your accounts as "Paid as Agreed" to the credit bureaus.

Though the creditors report the accounts to the credit bureaus, but if the consolidation company can guarantee a positive result in your credit report right from the beginning of the program, it will be a good decision to work with them.


Submitted by ben on Mon, 08/22/2005 - 14:22

ben

( Posts: 2034 | Credits: )


It would hurt your credit while your in the program. However after everything is settled by the company, you'll be free of debt and you credit score will increase tremendously.

if your interested we're working with different companies right now and you can check which one is suitable for you.


Submitted by on Fri, 08/22/2008 - 11:08

( Posts: 202330 | Credits: )


honey,

are you advertising, you little devil you?

sradaci,

do not call anyone advertising on this forum! debt settlement should be your last course of action, try negotiating your interest rates down with your creditors or look into consolidation before you give your hard earned money away to a debt settlement company.


Submitted by on Fri, 08/22/2008 - 11:18

( Posts: 202330 | Credits: )