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Does using a debt management company ruin your credit?
Yes, it does... Debt Consolidation hurts less than Debt Settlement.
Does a debt being turned over to a collection agency ruin your credit?
Yes.
What is a simple method to get out of credit card debt?
There are several methods for getting out of credit card debt. There are many companies that can contact your creditors and help consolidate your payments, even convincing your creditors to forgive some of the debt! This is a great method, but will ruin your credit score. Another method of getting out of credit card debt is to slowly and responsibly work toward paying down the debt and building your savings. Dave Ramsey of The Tightwad Gazette has great guidelines for paying down debt and building savings.
How are the reviews for the Freedom Debt Relief company?
The reviews for Freedom Debt Relief range from really good to really bad. Some users state that it will only ruin your credit to go through this type of company to help settle your debt.
What companies provide debt settlement assistance?
All debt settlement companies are rip offs and ruin you're credit even more. Check out the bbb before you decide on one and make sure they are legitimate before you spend you're money.
Does using a debt management company ruin your credit?
Yes, it does... Debt Consolidation hurts less than Debt Settlement.
Does a debt being turned over to a collection agency ruin your credit?
Yes.
Is it illegal to threaten to ruin someones credit by using there ssi?
Threats can be illegal. This would not be a safe thing to do and could lead to criminal prosecution.
How can car debt affect the rest of your life?
Failing to make payments on a car loan could ruin your credit.
What is a simple method to get out of credit card debt?
There are several methods for getting out of credit card debt. There are many companies that can contact your creditors and help consolidate your payments, even convincing your creditors to forgive some of the debt! This is a great method, but will ruin your credit score. Another method of getting out of credit card debt is to slowly and responsibly work toward paying down the debt and building your savings. Dave Ramsey of The Tightwad Gazette has great guidelines for paying down debt and building savings.
When you co sign does it help your credit?
Not really. When you co-sign you agree to pay the primary borrower's debt if they fail to pay. That debt would be counted as your debt if you applied for credit for yourself. In fact, if the primary borrower falls behind on their payments or fails to pay the debt that you co-signed for, it could ruin your own credit rating unless you make those payments on time.
How are the reviews for the Freedom Debt Relief company?
The reviews for Freedom Debt Relief range from really good to really bad. Some users state that it will only ruin your credit to go through this type of company to help settle your debt.
Is a bad debt erased after 7 years?
No it is NOT! You have to get your credit report to see when the creditor last updated their report to the credit reporting agency. If the creditor chooses to report this bad debt every month than your bad debt will only be erased from the last update. For example: You have a bad debt from a Sears credit card from Jan of 2010. Each month Sears has reported your bad debt to Trans Union or one of the other agencies. The new date is from the last time they updated your credit report NOT from Jan of 2010. They can update it every month for the next 20 years and it will stay as a bad debt and ruin your credit report score. Legal to do it too.
What companies provide debt settlement assistance?
All debt settlement companies are rip offs and ruin you're credit even more. Check out the bbb before you decide on one and make sure they are legitimate before you spend you're money.
What information does a collection agency need to ruin your credit?
A collection agency does not "ruin" someone's credit. The person who defaults on their financial obligations is the one who is responsible for that. W/o certain information it is difficult for a debt to be collected or reported to CRA's. Agencies employ skip tracers who are very good at tracking down elusive debtors, so eventually they will track down the person.
How does a credit card account settled for less than the full amount effect a cosigner?
A settled credit card account affects the co-signer in the same manner as the primary card holder. Settlement is payment for less than the full balance on a defaulted debt. Defaulted debts ruin your credit record. The co-signer is liable for the debt and the record of its' activity shows on that persons' credit for the full reporting time period.
Is 16-year old liable for debt on a paper bill?
No they are not responsible. Anyone under the age of majority cannot be held to a contract. However, it can ruin credit early on to have such things attached to the name.
