Credit Consolidation programs

United States
May 21, 2007 9:46pm CST
Currently I run a 612 on my credit report have 0 accounts behind I'm Wondering if a Credit Consolidation program will hurt, help my credit?
2 responses
• United States
29 May 07
To a mortgage lender and other credit lending agencies credit counsuling looks very bad on credit. that is because most of these credit companies don't pay on the debt once u sign up with them and they keep the first couple of payments for themselves. also when the credti counselor call your credit the creditor doesn't have to accept the terms that they are offering and can still mark the account deliquent or as a charge off since the debt is being negotatied to a less amount. also when looking for a credit counselor make sure that they are licensed and that they are registered threw the better business bereau that way u know they are legit..
• United States
22 May 07
Honestly I've always been told that those credit consolidation places don't look too good on your credit reports. But Im not sure. When I was married to my ex we tried that and we needed to buy a car and I just had that company we went through fax a copy to the dealership stating that we were current on all our bills & what not & it came out ok. BUUUT again it sorta shows that you weren't able to handle your bills on your own. SO Im not sure...I dunno. I thought it didnt pay enough to each creditor...I was better off making payments on my own to each company they updated the credit places faster that way too. :] You'd be surprised how willing they are to make payment plans & stuff with you.