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Credit Counseling Service
Lower your debt with our credit counseling service
Because having good credit does have some privileges, one of the most common questions posed to the credit counselors at Consumer Credit Counseling Service / MMI is how participating in a debt management plan affects a credit score. It is a common misperception that working with a credit counseling service is viewed by lenders as being the same as if you file for bankruptcy. This is simply not the case. A notation that you filed Chapter 7 bankruptcy would remain on your credit bureau file for up to ten years and can prevent you from opening a bank account, getting insurance or getting a better job.
Things to look for in a credit counseling service
On the other hand, if you choose to participate in a debt management plan, such as those offered through MMI's credit counseling service, your ability to get credit in the future depends on several things. First, your ability to get credit in the future would depend on how your credit counseling service plan is set-up. For example, if your budget doesn't permit you to pay full payments, for a period of time some of your creditors might report that you are not paying as originally agreed although they have accepted the reduced payment. When you are able to make regular paymentsz again, this notation will be removed.
After having completed your debt management plan, your accounts should be on a current status and all notations that your payments are being paid through a credit counseling service should be removed. There should be no further notation on your credit bureau file that you used the services of a counseling agency.
Visit our website to speak with a credit counseling service representative from MMI today about how we can help you get out of debt. |
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