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How to get out of debt I New FTC Laws I Does debt settlement work I Choosing a debt relief program I Debt Settlement or Debt Consolidation I Debt settlement and your credit I Can you settle your own debt I Understanding debt settlement fees I Debt settlement and your taxes I Can I be sued I Debt Help - Get Started today!

Will Debt Settlement Hurt my Credit

A 10 part debt relief guide

Part 5 - Go to Part 6

DEbt solutions How Debt Settlement affects my credit
The one question that most debt settlement program candidates ask is "Will going through the process of a debt settlement program hurt my credit"?

In one answer, yes. Do not let any debt relief company tell you otherwise. When undergoing debt settlement, the debt does not get removed from your credit report. It will show up as a settled debt or a charged off debt. A recent settled debt or charged-off debt can lower your score by as much as 40 points or more for just one account. If any creditors have put you out for collections, then that is already on your credit report and that is also already hurting your score tremendously.

Obviously if you have been having significant credit card debt problems where you have been late on making payments recently, your credit history and score is probably already suffering from that damage.

There comes a time when you just have to say to yourself, "damage done" and if it is already done then you might as well go full force and settle all your debt as soon as you can so you can start the process of REBUILDING CREDIT.

If you already have some negative marks on your credit history and you are in a lot of debt,  It's all about closure and moving on from this part of your life so you can start to work in improving your credit score. Believe it or not, as soon as you settle one of your debts,  you can start to dispute this negative item on your credit reports and with persistence (in many cases) you get get these negative items removed from your history.

The process is not fun and not easy but it can certainly be done. This process can be done on a monthly basis for you by a credit repair company. See our list of the BEST CREDIT REPAIR COMPANIES.
OK, so now that you understand that going through a debt relief program can have a short-term effect on your credit history and score, lets move on to part 6 of our 10 part debt settlement guide. Click here for more debt help.
Go to
Part 6 - Learn about whether or not you can settle your own debt.
10 part debt guide

Part 1 - New FTC Laws
Part 2 -
Does debt settlement work
Part 3 -
Choosing a debt relief program
Part 4 - Debt Settlement or Debt Consolidation
Part 7Understanding debt settlement fees
Part 8 -
Debt settlement and your taxes
Part 9 - Can I be sued
Part 10
Debt Help - Get Started today!
Need more help?
It's important to get out of a bad financial situation as quickly as you can. Here is our list of top debt settlement companies and top ten credit repair companies.

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