Debt Settlement And Its Affect On Credit Scores

How will the debt settlement process affect my credit score?

If you currently have excellent credit, than debt settlement will have a negative impact on your credit score. Should you require maintaining an excellent credit score for security clearance reasons or near future mortgage financing, then it is recommended that you continue to pay creditors on time every month.

Avoid companies that do not disclose credit rating damage and especially companies that claim otherwise. There is absolutely no debt relief service available on the market that can reduce principal credit card debt balances that doesn't negatively affect a consumer's credit score.

However, if you do take advantage of the service, or your credit score is already damaged from paying late or not paying creditors at all, then your credit score can be repaired through effective credit repair strategies.

How can I reduce my principal debt balance, and not damage my excellent credit rating?

This question is probably the most asked question amongst consumers seeking a safe and effective credit card debt reduction. However, the answer is a simple. The only way to reduce principal debt and protect your credit score at the same time, is that you must pay your creditors on time every month. And you must pay more than the minimum payment. Paying creditors on time, more than the monthly minimum required is the only way you can reduce your debt and protect your credit score. If this is not an option, you will have to investigate a more proactive solution such as our attorney debt negotiation program.

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