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debt consolidation

Date: Fri, 06/10/2005 - 18:40

Submitted by anonymous
on Fri, 06/10/2005 - 18:40

Posts: 202330 Credits: [Donate]

Total Replies: 3


Hello, Just wandering if debt consolidation clears all the debts off your credit report?


Hello smith,
Welcome to the forums.

Yes, debt consolidation does clear all your debts from your credit report. When you enroll in a debt consolidation program, all your multiple debts are accumulated into one single debt.

Your debt consultant will come to an agreement with your creditor, about how you can make your monthly payments, in small and easy installments. This will, eventually improve your credit scores and make you debt free sooner.

If you want to get a detailed idea about debt consolidation, please view this page:

http://www.debtconsolidationcare.com/benefits.html

Hope this information helps you.

Feel free to participate in this forum.

Regards,
Peter


lrhall41

Submitted by peter on Sat, 06/11/2005 - 03:46

( Posts: 285 | Credits: )


Hi smith

Welcome to the forums. Let me suggest you some tips to increase your credit score. Your credit score is the most important thing that decides your financial worthiness.

This three digit credit score will determine the rate of interest that will be charged on the money you borrow. There is nothing worthier than to have a credit score of 720 - 740

Some of the factors that actually hurt the credit score are as follows:
[list=1]

  • Any possible errors in your credit report.
  • Any accounts that don't belong to you.
  • Some late payments that were actually paid on time.
  • Debts paid in full but are shown as outstanding.
  • Any old debts that should not be reported any longer (Negatives are supposed to be deleted after 7 years except bankruptcies which can stay for 10 years)


    After you make sure that your credit report is free from such errors, please get clear from all your credit card debts to take the faster route to a better credit score.

    Please keep one thing in mind of not to close any unused account while you are on your way to increase your credit score. Closing any unused accounts will never help you; on the contrary, it might hurt you. If you close it without paying your debt, it changes your utilization ratio. Actually, it is your total amount of debt which is divided by your total credit available to you.

    I am sure that you have made all arrangements to make your credit report look boosted up. debt consolidation additionally helps in improving your credit score as all your multiple payments get consolidated in one loan amount and are paid to the different lenders. The creditors also appreciate your enrollment in the debt consolidation program as they find you taking this responsibility to get clear from all your debts as early as possible.

    Please let us know your feedback. Your active participation in the forums will be helpful to our community members.

    Regards
    Roxette


    • lrhall41

    Submitted by roxette on Sat, 06/11/2005 - 10:11

    ( Posts: 4009 | Credits: )