Is this true about Consumer Credit Counseling Service INc ? please read?
OK, I would really appreciate if only people how know the true answer, will give answers as this is an important question for me and I need to know THE TRUTH. Someone at a local mortgage company told me that if I go to Consumer Credit Counseling Service and start working with them on my credit report, to fix things, this mortgage company person said the credit bureaus see this as me almost filing bankruptcy . I have never ever heard this and I want to know if this mortgage person is telling me the truth, I don’t think so because I have worked a little with Consumer Credit counseling service before ( the non- profit one, where we don’t pay anything, I think it is funded by the government). anyhow, I never understood it to be a ” bad’ thing to do, to work with them What do you who are experienced in dealing with credit repair know ? I know there are a zillion places could sign up for money , but i don’t mean any of those places. Hope this is clear enough;)
- It’s not the purpose of CCCS to “fix” your credit….It’s a non profit debt management plan that was created by the credit card industry to help people who are financially struggling and are on the verge of bankruptcy. This is a program for people who are struggling to keep payments current on their credit cards…if this does not describe you then it’s a waste of time enrolling in this program.
- When you enroll in the CCCS prrogram, your credit report will be updated to “enrolled in debt management.” This does not damage your credit, but it may make it difficult to obtain new credit while you are enrolled in their program….so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would might be denied while you’re enrolled in the CCCS debt management program. It’s not on the same level of bankruptcy…but if this is noted on your credit report then it would cause issues for qualifying for a mortgage.
- If you want to “fix” your credit for a mortgage, pull your credit report and pay off listed defaults…offer to settle @20% and go from there. Get all terms in writing prior to paying