2007-04-02 04:23:25 · 4 answers · asked by M1759 2 in Business & Finance ➔ Credit
This actually hurts your credit. You are better off paying your creditors on your own. I have listed a webpage below that has free consumer information on credit repair and a direct link to the official FTC U.S. Government webpage on repairing credit.
2007-04-02 09:01:28 · answer #1 · answered by Anonymous · 0⤊ 1⤋
CCCS is generally used by people struggling with credit issues in the first place. That would include me back in 1997 through 2002. My credit rating wasn't very good but it wasn't the result of being in the program, it was due to late payments. I was able to obtain car loans at a favorable rate and my credit was improving as I approached the end of the repayment plan.
Even if you do not intend to go through with a repayment plan with them, they do offer financial counseling to help layout a reasonable monthly expense plan. I'd recommend setting up a meeting if you find you are struggling.
2007-04-04 12:51:41 · answer #2 · answered by Jim Maryland 7 · 1⤊ 0⤋
If you use the CCCS then this on its own does not have an impact on your credit score per se. However, if you enter into any IVA with a creditor then this will. If you have reached a point where you need help from the CCCS and have defaults on payments etc then this could impair your credit rating too.
2007-04-02 04:34:19 · answer #3 · answered by joelyboy 3 · 0⤊ 0⤋
It will not effect your score. What will happen is your accounts will read "Managed by credit counseling". They will work with your creditors and lower your monthly payments as well as your interest rate.
This may effect you being able to take on additional credit, but if you are using their services, you should not be applying for additional credit anyway.
I used them several years ago and recommend them highly. I was debt free in 36-months.
2007-04-02 04:33:02 · answer #4 · answered by ? 7 · 2⤊ 0⤋