What does a credit counseling company writes or reports on someone's credit report when they co

When a person consolidate their credit card debts, why is it that it effects their credit? What does the consolidating agency write or report to a person%26#039;s credit file evey month? Does the consolidating agency and credit report company communicate evey month about report negative information a person%26#039;s financial situation?

***Thanks For Answering My Question***

What does a credit counseling company writes or reports on someone%26#039;s credit report when they consolidate debt?

If you%26#039;re working with a consumer credit counseling service, it will usually state under the accounts that are being paid for through them, %26quot;account being managed by a credit counseling service%26quot;.

Though it may stop someone from getting new credit, or extending old credit, it keeps payments up to date, which actually improves your credit score. The important thing to note is that the fact that you were with the service will fall off your credit file when you finish the program, and no one can tell you were in counseling unless you tell them.

What does a credit counseling company writes or reports on someone%26#039;s credit report when they consolidate debt?

The CCS company is not the one that reports the accounts to the credit reporting agency%26#039;s. The creditors that you have included in your consumer counseling reports the account on your credit. The reason they do this is because even if the accounts are being paid every month, usually, they have agreed to a lesser monthly payment or lower interest rate. Therefore, if other companies are looking to advance you a line of credit they are aware you are already having financial complications. In addition, the counseling companies I have seen require you to agree not to open any more credit before they will manage your accounts.

Good Luck!

What does a credit counseling company writes or reports on someone%26#039;s credit report when they consolidate debt?

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