Debt Consolidation - Credit Counseling

What happens to my credit when I use a credit counselor or debt consolidation program? 

It depends on the current state of your credit. If you have excellent credit when you start the program it may not be as good when completed. If you have what are called “derogs,” derogatory information on your credit report  (30-, 60-, 90-day late pay or worse) then going through a debt consolidation company will likely improve your credit. Remember, debt consolidation companies are not credit repair companies.

For almost all consolidation companies, getting you out of debt is their first priority. At that point, you can start working on improving your credit rating. In some states, recent credit reporting changes require creditors to report settlements as paid in full and remove all prior derogatory marks for that account.

Below is a list of credit counselors on the Internet.

 

American Consumer Credit Counseling

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