Is it true that using a debt counselor will have a negative impact on your credit?

Answer

No it does not have a negative impact on your credit as they are there to help you out to manage your debts and increase you credit. They just give an advice on planning your debts then it is upto you how you make it..

Answer

I went through consumer credit counciling,It was & is free in Mo. & that is the name. If you want there help it takes two You must do what they say including cutting all you credi cards up. you will not be able to get a loan with out their ok in advace.BUT the great news is after you get your debt paid off usealy at reduced rates.you then have an eduction that is worthits weight in gold. there is no obligation on your part , SO contact them there should be something like this in evry area of the country check the inter net . STAY AWAY FROM ANY ONE THAT WANTS TO CHARGE YOU MONEY. THe above IS FREE

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Using the services of a "debt counselor", consumer credit counseling, and debt consolidation programs absolutely have a negative impact on your credit. Such plans/programs are notated on your credit report even when the accounts included are paid as agreed. They indicate that you needed professional assistance to manage your debt. Credit assessment, rating and scores are all about RISK. Needing professional assistance indicates a significant amount of risk.

First answer by ID409672133. Last edit by Thomaszimmerman. Contributor trust: 4 [recommend contributor]. Question popularity: 92 [recommend question]