Will Debt Relief Affect My Credit Rating? If So, How?
Debt relief will affect an individual’s credit rating. It is important to note that the more debt an individual has, the lower their credit score is likely to be. While debt relief can negatively affect an individual’s credit rating in the short-term, it is important to note that a person’s credit rating would almost always be much lower by holding on to their debt than by using the resources available within debt relief programs.
By learning exactly how debt relief can affect a person’s credit rating, individuals can decide whether or not they think debt relief would be beneficial for them to investigate, and therefore to potentially utilize for their personal financial needs.
Debt relief is, in general, very subjective. As a result, it is very difficult to come up with individual numbers and specific cases that can be reviewed. However, by speaking with a debt relief representative, it is possible for individuals to know exactly how such a program would affect their lives. The conclusion will also depend on what a person’s credit score is at the time that they enter into...
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