How Long Does Credit Counseling Stay On Your Credit Report?
Posted on May 29, 2009 at 6:24 am
I have heard that these debt management programs last between 4-5 years, but how long does the fact that you did credit counseling stay on your actual credit report?
Posted on May 29, 2009 at 7:06 am
I know that most credit counseling programs last 5 years, and in the meantime, it is being reported to the credit bureaus and will reflect on your credit report for that period of time.
Perhaps a better questions to ask is, how long does credit counseling (or the fact that you were enrolled in a debt management program) remain on your credit report once you have completed the program?
Posted on May 29, 2009 at 7:56 am
My understanding is that it will appear as "Enrolled in a Debt Management Plan" until it is paid off, at which point it's reported as "Paid" or "Paid in Full". So it will only show that you were in a credit counseling service for the time you were using it, which is usually about four to five years.
Posted on May 29, 2009 at 12:00 pm
What about debt settlement? I am talking to a settlement company right now and need to know how bad this would mess up my credit.
Posted on May 29, 2009 at 12:18 pm
From the time the debt was actually settled, it will remain on your credit report for 7 years. They credit bureaus typically report a settled account as "settled" or "settled for less than the full balance."
Posted on May 29, 2009 at 1:50 pm
I just finished reading this thread...how about bankruptcy? I assume that stays on your credit report longer?
Posted on May 29, 2009 at 1:53 pm
It depends what Chapter you file.
If you file Chapter 7 Bankruptcy, it will remain on your credit report for 10 years and your public records for 20.
If you file Chapter 13 Bankruptcy, it will remain on your credit report for 7 years and your public records for 20.
Posted on May 31, 2009 at 11:10 pm
I agree with Debt Guru, it will only stay on your credit report for as long as you were paying for your debts thru the consolidation firm. Also, that fact being on your credit report will not have any adverse effects on your credit score. It merely appears as a comment next to the particular item that's being paid, and nothing more.
Posted on June 1, 2009 at 5:14 am
So between all of them, which one would look best on the credit report?
Posted on October 25, 2009 at 3:52 am
Until you pay off all debts with credit counseling you will not be able to get a loan. Trust me I know. I tried to get a car loan, and I never have been late on a payment my whole life, but because I was enrolled in credit counseling I couldn't get a loan. I was told by several banks that credit counseling on your credit report was almost as bad a filing for bankruptcy. No one tells you that.