How will debt consolidation affect my credit report?

Hi

Welcome to the forums. [URL="http://www.debtconsolidationcare.com/program.html"] debt consolidation program[/URL] is designed to give your credit report a good shape and provide you with your credit worthiness. Its main objective is to restore a good credit rating of the consumer and entering into this program will make it happen faster and more securely.

Debt consolidation program consolidates all your monthly bills into one low payment and at lower rate of interest. Thus, your credit report will start improving when you have taken responsibility towards your past unpaid debt.

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

In the debt consolidation program, as long as you stay current on the consolidation loan payments, your credit rating will be viewed more favorably than before.

Debt consolidation program will be shown in your credit report and your creditors will appreciate that you have taken this responsibility to clear off your past debts and regain your financial worthiness. They will come to know that you have experienced financial difficulties in the recent past and you have taken active steps to repair it through the debt consolidation program.

Your creditors report your accounts to the credit bureaus. Although your report will show that you have been unable to pay the original amount of the creditors and have accepted the reduced amount through the debt consolidation program, the consultant working in the debt consolidation program will be able to negotiate with your creditors for the best of your credit ratings.

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.

How will my credit be affected if I join the program but I am all current on all credit cards?

debt consolidation will affect your credit to some extent for sure...but the true nature of it will vary. If you can stay current with the program, it'll infact improve your credit worthiness.

hey kristy,

Firstly decide why should you go for consolidation. You must be knowing that your credit score get affected by five factors:
payment history
how much you currently owe
length of credit history
new credit
how many and what types of credit used

The two important factors that you should consider are :payment history and the amount of debt you owe. As you said that you are current on all your cards, then I assume that won't be a problem for you. In case of amount of debt owed you have to take a look at the credit limits of each card. If they are at their limits then it will thrash your score.

Before making any decision consider these factors.