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Consumer Credit Counseling Agency
Escape from debt with help from a consumer credit counseling agency
If your credit situation is less than desirable, it pays to be persistent and patient; there are no quick fixes. Contacting a consumer credit counseling agency like Money Management International is a good first step toward improving your credit rating and getting out of debt. If you are uncertain about whether or not it is worth the effort to improve your credit score, consider the following. According to Fair, Issac a person with a FICO score of 689 can qualify for a 7.81 percent interest rate on a 60-month new vehicle loan. However, a person with a score only one point higher can obtain that same loan at the much lower rate of 5.58 percent.
Benefits of working with a consumer credit counseling agency
Because having good credit does have some privileges, one of the most common questions posed to the credit counselors at Money Management International is how participating in a debt management plan affects a credit score. It is a common misperception that working with a consumer credit counseling agency is viewed by lenders as being the same as if you file for bankruptcy. This is simply not the case. A notation that you filed Chapter 7 bankruptcy would remain on your credit bureau file for up to ten years and can prevent you from opening a bank account, getting insurance or getting a better job.
After having completed your debt management plan, your accounts should be on a current status and all notations that your payments are being paid through a consumer credit counseling agency should be removed. There should be no further notation on your credit bureau file that you used the services of a consumer credit counseling agency.
For more information about how a consumer credit counseling agency such as MMI can help you become debt free, visit www.moneymanagement.org.
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