Posted on March 12, 2010 at 2:44 am What is the effect of debt counseling on the credit score?

Posted on March 12, 2010 at 2:45 am Debt counseling on credit report (score) - I'm not sure what its effect on the scoreis - but I think as long as you're in credit counseling - it would show on your report.After which, when you're done, it disappears.

Posted on March 12, 2010 at 4:00 am What is the effect of debt counseling on the credit score?Hi, to give you an idea of whatcomposes your FICO credit score: -35% Payment History//- 30% Amount Owed//-15% Length of Credit History//-10% New Credit//-10% Types of Credit Used

Posted on March 12, 2010 at 4:05 am Debt Counseling Credit Score - hi James, what would affect your credit score isdebt settlement and/or bankruptcy. Debt settlement would affect the Payment History andAmount owed segments of your score. Are you doing credit counseling or just about to?How much is it that you owe? Are you past due?

Posted on March 12, 2010 at 4:57 am Right, debt settlement stays on your credit for 7 years, just like a Chapter 13bankruptcy - and debt settlement appears on the report as "settled", "settled for less than the full balance", or "settled in full."

Posted on March 12, 2010 at 5:00 am Wait..are you saying that debt settlement is bad then? That credit counselingis the best debt relief option for me? Alright then - I owe about $15k in credit carddebt..I don't always beat my payment deadline, right now I'm 2 months behind -i'll make it up..always do - it's just that, this catching up and paying the penalties get old..

Posted on March 12, 2010 at 5:52 am The affect long term will be minimal because they will be paid as agreed. As long as the creditorsare reporting properly you will be fine. Check your report regularly and this can be done free online. Make sure the creditors are reporting the payments sent by CCC.In my 10 years in the mortgage industry, now retired, I have seen scores go up quickly once youbuild upon one good action after another.First I would examine if consumer credit counseling is the best rout for you. In some cases it can bebebe as long as it solves the root problem. A person who was paying $1,400 and now is paying $995, but still can afford to pay this while creating healthy cash flow enough too put at least $1,000 in an emergency account to make sure when the next "emergency" comes they don't need to go into further debt, may need a more aggressive approach like debt settlement.Secondly, if CCC is your best option, you have a budget and an extra that you are putting away for a rainy day, you will want to concentrate on actions that will bring your score up."Chairman" had a good post on the %'s affecting your score.1. regular on time payments, which should be done by ccc2. Balance vs credit limit not to exceed 30%.3.Good credit lines, you can get letters from electric, landlord, cell phone, insurance and anythingyou pay on time. Contact a credit report company like Landsafe(this is different than the 3 beureus;  Experian, Equifax, Transunion) a company like Landsafe or freecreditreport.com are one's who gather the scores from the 3 beuros ) Ask them to do a credit supplement and add these "non traditional forms of credit to your report. This will give you more positive trade lines.After 24 months of positive activity your score will go up.There are companies that can help, if there are any inaccuracies on the report to help raise the score. Companies like Lexington Law, for example.The last thing is to develop a mindset of empowerment by following a plan to be totally debt free and buy with cash and so you become the one in charge. Continuing to be "servant to the lender" and focus on how to raise your score and follow their plan for youis not the path. One day they will be asking you for your money and seeing how they canplease you. This is what investing is. Now you are the Lender not the borrower.3.

Posted on March 12, 2010 at 5:53 am Meant to say bureau.

Posted on March 12, 2010 at 5:54 am No, debt settlement is not bad bad - I think what the previous post meant wasthat between credit counseling and debt settlement on the credit report - credit counselingwould do less damage. But in terms of what would help you solve your debt problemsmore efficiently, with a debt amount of $15k - I say it's debt settlement. It's up toyou to decide which is more important to you = your credit or being debt free.