subject: Do Debt Consolidation Agencies Affect Your Credit? [print this page] It may come as a shock to some people when they look at their credit score and find that it may as well have been at 0 because debt has virtually made being able to get another loan totally obsolete. A bad credit rating is part and parcel of having a lot of missed payments and heavy debt, there is only one way to resolve this situation effectively and that is to eliminate or pay off those debts as quickly as possible. As for debt consolidation agencies affecting your credit score it is not even worth bothering too much about!
In effect your credit rating is in all likeliness only going to get worse in any case due to money you owe out either being already in the hands of collection companies, or about to be placed before the courts. So when you look at the scenario that could play out by leaving your debts to carry on accumulating more fees, interest and court judgments - then the affects of consolidation on your credit score pales in comparison The overall benefit of using a consolidation service on your credit will be that your ratings will start to improve, once your arrears have been consolidated and you have kept up with the payments every month. To cut a long story short, if you are planning on consolidating your debts there is absolutely no need to start looking deeper into credit scoring. Forget what you have possibly heard in reviews often left by people who have not kept up with consolidation payments who have had an adverse affect in their ratings. You are not going to be one of these people if you play by the rules, which really is your obligation to your family and/or yourself P. de la Torre added. Getting too involved in what other people say who have not played by the rules of consolidation is the last thing you need at moment. Your best advice would be to carry on with your plans and get your debts consolidated, you owe it to your family and/or yourself to get back on track and have less stress in your life - and please do not fall into the trap of getting any more loans before your debts are paid off, or your troubles will just start all over again.
Do Debt Consolidation Agencies Affect Your Credit?
