How does debt consolidation or debt settlement affects your credit report? Answers: Debt consolidation won't afversely affect your rating. Debt settlement

Answers:
Debt consolidation won't afversely affect your rating. Debt settlement will.

Debt settlement will temporarily ruin your credit while you are waiting to settle.. Since you aren't making regular credit card payments your fico will go down.. You compensate the settlement company a monthly amount depending on what you owe and it goes into a trust that is to say then used to settle and reason when the company is ready to settle which can be anywhere from months to acouple years depending on how much you owe... During this time you DO NOT unfold any more new charge accounts... Once the settlement is made your credit will remodel slowly... Depending on your situation... It's better than bankruptcy. If you have need of information go FreedomDebtRelief.com Good luck

Debt Settlement, affects your credit report temporarily. Debt Consolidation shows up right on your credit report, and sometimes the company have late payments to your creditors and this will also affect your credit.

Any program that you enter to lend a hand you pay your bills will affect your credit