Since youve found this article, theres a good chance youre considering debt settlement, or have already enrolled in or completed a debt settlement program. Either scenario puts you in a position of wondering about the restoration of your credit following the completion of a debt settlement program.
As you know, debt settlement allows for individuals to negotiate with their creditors, and ultimately reach a satisfactory agreement to pay their credit accounts off for less than the full balance. Normally, people successfully reach settlement amounts of 50% or less of the actual amount that is owed.
How does this process affect your credit score? Well, debt settlement in itself doesnt negatively impact your credit score delinquency, however, does. You see, creditors wont agree to settle your accounts for less than the full balance unless the account has reached a certain stage of delinquency. The majority of individuals who choose debt settlement do so because theyve previously contacted their creditors for some type of interest reduction or relief, only to be told that the interest rate and fees being charged will remain, and no reduction can be granted. This...
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