subject: Debt Consolidation Agencies – Do they have an Impact on your Credit Score? [print this page] but increase the total amount of the loanbut increase the total amount of the loan. However, you may also choose to use the savings in order to pay against the principal or the original amount of the loan. If you settle the principal, you end up reducing the period wherein you are supposed to pay off the entire loan and the total amount of the loan itself. Later on, when you have paid off the consolidation loan, your credit will reflect another successful pay off of a loan. This can become beneficial to your credit score.
If you are interested in settling your debts through this process, you can look for the most reputable debt consolidation agencies in your area from where you can ask for an assessment. Determine the one that offers the most convenient payment terms with low interest.
Debt Consolidation Agencies Do they have an Impact on your Credit Score?
