How to Use Credit Counselling and Credit Protection Services
There may be times when you need to avail yourself of credit counselling services to help protect your credit. This is nothing to be ashamed of, it only means that you have gotten in over your head with your revolving carried debt. Attacking the problem head on is the best way to solve it.
Remember that getting involved with credit counselling will not negatively impact your credit scores directly in any way.
What a solid credit counselling organization will first do is to offer you help with financial management and budgeting education. This will enable you to better regain control of your personal credit and debt so that you can get it in hand for the future.
The fact that you have availed yourself of such classes does not show up on your credit report in any way.
They may also offer you a service to help you repay your debt more efficiently called debt management plans. Repaying your debt this way will cause a note to be made on affected accounts, yet this does not affect your credit scores in any meaningful way.
Debt management plans have the credit counselling agency negotiating deals for lower interest rates or even lower payments directly with your creditors and lenders.
This will cause a comment or note to be added on your accounts that they are being paid back via a credit counselling program or even a debt management plan. Lenders who are carefully reviewing your credit report would see this information if they are looking closely.
These notations do not affect your credit score in any way whatsoever.
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