Paying off debt

Hi Lyne

Welcome to the forums. The services of debt consolidation program are utilized by a consumer to erase the past unattended debts maybe because of some financial difficulties experienced by him.

The creditors will report your involvement in the debt consolidation program to the credit bureaus. They will appreciate your participation in the program as a matter of fact that you have taken this responsibility to clear off the past debt and thus establish your credit worthiness. Since your credit report will be showing the debt consolidation program, it will emphasize that you have faced financial problems in the recent past and you have taken active steps to repair it through the debt consolidation program.

Your credit report might be having some negative entries which need to be recuperated. Debt consolidation program will cover all the unpaid accounts in the program, making regular payments to the creditors and as a result provide you a better financial rating.

As your credit report will be showing your involvement in three different debt consolidation programs, the fact will appear that you have been unable to pay the original amount to your creditors but have agreed to a reduced amount through the consolidation program. The consultant working in the program will ensure that you are provided with the best credit ratings by your creditors.

The ultimate goal of the debt consolidation program is to improve your financial and credit standing and as long as you are current in the debt consolidation payments, you will be viewed more favorably than before.

Regards
Roxette