Are you considering debt settlement, but concerned it may negatively impact your credit score? If a lower credit score is your main concern regarding debt settlement, read on for answers to some questions you may have.
First, youll want to check your credit score to be sure its as high as you think it is. You see, if youre carrying high balances on your credit cards, with many of them being nearly maxed out, theres a good chance that your credit score is only mediocre, at best. Worse yet, if youve made even one late payment, your credit score will be reduced, as well.
If you find that your credit score is fairly decent, and youre worried about your credit file reflecting a lower score as a result of debt settlement, you have a legitimate concern.
Unfortunately, most creditors wont even consider working with you until your accounts are near charge-off status. At that point your credit report will show that your accounts are 180-210 days delinquent, and you can expect your credit score to be significantly reduced.
How long will you need to tolerate a lower-than-normal credit score? Well, that depends on your ability to generate sufficient funds to pay...
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