Debt consolidation program - Does it appear on your credit report?

Hi Jennee--If I remember right--from when I was on a program before, it does show up on your credit report. I forgot how they word it though. and NO you don't have to be past due on your accounts to start a consolidation program. Hope I have helped and if you have any other questions, don't hesitate to ask! shirley

I think it is worded consumer credit counseling and it stays on your report til you pay the card in consolidation off or you drop out of the program.

Thanks for your advice. I heard that it gives creditors a bad outlook on you. I want to buy a house eventually and I have worked so hard to get my credit to where it is right now.

Wow, this is news to me, I was told it doesn't show up on your credit report. I'm in the same situation, I don't want my credit to be hurt..

So does anyone know does this lower your credit score ? And what happen when other creditors see your in a program like this ? Do credit card companies close your accounts even though you are not repaying them or listed them as part of your plan ?

Lots of questions here regarding the debt consolidation program. I have some help for you. You use a professional program only when you are unable to pay the debts on your own. There can be some reasons like high interest rates, fees making the total debt unaffordable at that stage. If you can make the payments on your own, this will be the best thing to your credit.

If you want to use the consolidation program for making payments easier at your situation and prevent defaults, it helps in keeping the accounts current. You are not in default any more, and the bills are also getting paid off in time. The credit company will report the accounts along with the program used. Those who will be seeing your file will understand that you paid off the debts through the program rather than defaulting on it. This shows your good responsibility. It's better than paying nothing and get the R9 status. Charged off accounts, bills in collections, judgments tarnish the credit to the worst. Consolidation acts as a medication before the wound gets deeper.

When you have completed the program, the consolidation is taken off from your file. No one will know about using this program. The credit scores go up as and when creditors report to the bureaus. Keep paying off your accounts one by one in the plan and the creditors will update with the bureaus. The scores will also go up as and when the updates are done.

(Hi Shirley, good to see ya :) Howz u?)

Can anyone suggest an inexpensive but effective debt program to use?

Dee Dee, if you register someone may send you a PM with a suggestion. You can also check out the ranking chart.

i just joined a consolidated debt program and after researching i have gotten scared and want to get out is it too late have i already affected my credit score and creditors?