Credit Counseling Help

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Margaret

Joined: 13 Nov 2009
Margaret's page
Posts: 78

-146 Magic Points

Subject: Credit Counseling Help

Mon Nov 16, 2009 4:20 pm

Is it a good idea to get help from credit counseling? I heard it looks bad on your credit report if you are enrolled in these programs. Is it better to try and make the payments on your own?

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Nov 16, 2009 4:31 pm

it is always better to make payment on your own as long as these payments are being made on time. Late or skipped payments can look really bad on your credit report and make your overall credit score go down. Now if you find yourself in a situation where you simply just can not keep making timely payments then credit counseling may be just what you need to get before any further damage can be done to your report and score.

cccfree

Joined: 14 Apr 2011
cccfree's page
Posts: 34

186 Magic Points

Thu Apr 14, 2011 11:49 pm

Ok so let's clear this up for everybody here on www.creditmagic.com credit counseling does not effect your credit score, but if you enroll into credit counseling it will say that you're currently in a debt management plan or have been in a debt management plan and that could reflect poorly if you're trying to score more credit cards.
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* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.