Credit Counseling Damages Credit

admin — Tue, 24 Nov 2009 16:21:44 +0000

The untold secret of consumer credit counseling is that it damages your credit like a bankruptcy. Mortgage underwriters often consider it a bankruptcy. Creditors continue to report people as late with CCC and most consumers who enter the credit counseling programs are unaware of the negative credit impact that credit counseling has. Before going straight to a lawyer’s office to file bankruptcy, consider debt settlement, because it may have less long-term implications on your credit. Bankruptcies take seven to ten years to disappear from your credit report, while debt negotiations will vanish from your credit report in one to two years in most cases. If you have over $10,000 in credit card and unsecured debt, we strongly recommend considering credit card debt settlement.

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Credit Counseling Damages Credit