Credit Reporting For Loan Modifications Has Changed

This does not mean that a person can completely avoid a negative impact on a credit report

. The person might end up dealing with a hit on one's credit that relates to any principal charges that were reduced on the loan. The late fees that can be removed will not impact one's credit. However, the possible principal reduction can be seen as some small kind of a settlement. The credit impact will not be as significant as it can be for a full settlement but it is still something to be aware of at this point in the process.

Credit Reporting For Loan Modifications Has Changed

By: melvillejackson

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