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How to Work with Credit Counseling Services, Part 1 |
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Will working with a credit counseling service hurt your credit? Well, it certainly won't hurt it as much as having a bankruptcy on your record for ten years. Your FICO score does not consider the fact that you are dealing with a credit counseling service in determining your credit score. It neither helps you nor hurts you. It does not take the proverbial rocket scientist to guess, however, that failing to pay your bills or being late with your payments will hurt your credit score. It is important to note that regardless of what your credit score is, the ultimate decision as to whether or not to grant you future credit will be made by the bank, credit card company, or whatever other company witii which you may be dealing at the time. They all have their own criteria. Some consider your working with a credit counseling service, particularly if you adhere to the program, as a positive indication that you are taking affirmative steps to control your debt problems and that you are acting responsibly.
Sometimes there is nothing wrong with your credit. There is just something wrong with your credit report. Many credit reports contain inaccurate information that can |
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