Does working out an agreement w/ your credit card companies through debt eliminators damage your credit?
80119
It should not.....be sure to ask that question to your debt elimination company.
714749
i don't think so. i'd seek legal advice, if i were you. you authorized the loan company to make debits, not so and so collection agency. they can sue you, but that's the point, i believe. they would HAVE to sue you to get their money. (if you didn't pay them, of course.) look into that. i also believe you have the right to settle your debt with the original loan company. if you do this, i don't believe you have to deal with the collection agency. they were essentially hired to harrass you and believe me, they will, with a vengeance. they are merciless. when you think about it, it's kind of like a loan shark that has hired a thug to beat you up. but, i would really seek legal advice. i used to work in a credit union and i would see all the time, people that claimed to have paid back loans and were still being debited. be careful.
225879
As far as I know if one of your credit rating is good, then it wont matter if the other's is bad - I think its like some loans.  Co-signer w/ good credit = :D
856252
Yes, I have disputed and had the negatives removed, but the negatives were inaccurate. Sometimes it is best to "let laying dogs sleep" if the negative is old and accurate. By disputing the claim, you are refreshing the memory that you have an accurate debt with the creditor and since they will be updating the bureaus, your credit score could slightly drop since the account will look like it has had recent activity. Plus, if the creditors start to contact you since you reminded them of the debt, you will have to be careful with what you do so that you don't lengthen the statue of limitations (allowing them to have a chance to sue you for a longer period of time).
1116520
Yes!  I consolidated my debt using  a company called Auriton- they have a wonderful customer service team and it was easier than you'd believe.  Less than three years later and I am 100% debt free!
934701
Try this.\n\nWhen you call these companies, tell them that you want IN WRITING a guarantee that they will raise your credit score and remove bad items from your credit report once the bills are paid.  \n\nAnd that they won't take any money unless these things are accomplished.\n\nYou won't find anyone who will agree to this.  Why?  Because they can't possibly promise such a thing.\n\nThere are only two ways to get a negative item removed from your credit history.\n\n1) The creditor must delete it\n2) The creditor fails to respond to an investigation request from the credit bureau.\n\nNote that payment of a bill does NOT remove the item.  It only changes the status from being late or in collections, to paid.  But it still reflects late payments or collections.  It's still a negative item.\n\nThese "credit repair" companies will TRY to negotiate a payment arrangement that will TRY to remove the negative items.  But there are no guarantees.  \n\nBut it is a guarantee that these companies will demand payment for their services, whether they succeed or not.\n\nBefore you go this route, do your research.  Many of the things that these companies do, you can easily do yourself.  \n\nAlso note that many of these "credit consoler" or "credit repair" companies are a front for companies offering consolidation loans or other such services.  Be aware of what's going on!
916286
in my opinion no because\na. im not enough credit card debt to worry what would happen if i became injured or other\nb. they all do that with free introductory offers that make it easy to forget you are already enrolled when they start charging you\nc. its another form of insurance and IMHo - at least for me but does not pertain to the general public - insurance is a scam. if i bet myself every time i'll be doing just fine
739430
There is nothing they are going to do that you can't do yourself.  Look up your specific issues on-line, learn, and apply the lessons to your issues.  When you get involved with these groups, there are hidden fees and costs, such as interest charged for longer length loans.  Read this:\n\nHere's another example, this one involving debt settlement. Let's say you have racked up $20,000 in unsecured credit card debts. You owe $10,000 to one credit card company, $7,000 to another one, and $3,000 to a third one. You agree to contract for a five year debt settlement plan where you pay $250 a month to the settlement company.\n\nSounds good, right?  After all, $250 a month for five years is only $15,000, so you're saving $5,000 and you'll be debt-free in just five years, right?\n\nLet's examine this arrangement a bit closer. The admin fee will cost you $750 up front. Your first three monthly payments go towards that admin fee and nothing gets put into your trust account until your fourth monthly payment has been paid. The settlement company takes the first $50 of your $250 payment every month as the service fee. That means that only $200 a month is actually being added to your trust account.\n\nMost debt settlement companies will claim to be able to settle your debt for about 1/2 of what you actually owe, so let's use the middle credit card debt as an example:\n\nIf you owe $7,000 on the account and the creditor agrees to accept $3,500 as payment in full, it will take you 8 months at $200 per month to have accrued enough cash in your trust account to pay off just that one credit card bill. But remember, your first three  payments to the debt settlement company only paid the $750 admin fee. That means your first credit card isn't really settled until 11 months after you started sending them money! So what is the problem? It's really very simple - Your creditor won't agree to accept half of your actual debt amount in settlement unless, or until, that amount can be paid in full. Otherwise, they'll expect you to make your normal monthly payments.
388364
It will ruin your credit.  They will get your credit cards to lower or eliminate interest, if they are willing to participate.  When I tried this some of my cards eliminated the interest, but one of them actually raised it.  There was a $3/month fee per card.  My net savings per month was $46. I ended up filing bankruptcy 6 months after I started this program.  I did have a friend that went this route and got out of debt, but all of her cards participated.
736654
This sounds like a load of cr*p.  Don't deal with collection agents at all.  If you WANT to pay the bill, deal directly with the credit card company (and make SURE it is the credit card company you are dealing with, not a collections agent pretending to be them).\n\nIf the company won't deal with you and the debt has already hit your credit report, just don't bother with it at all--it can't get any worse.\n\nIf they threaten to take you to court wait until you have at least two letters from a REAL attorney (investigate whether the law firm that sends you the letters is legit or not) and then offer to settle with them for 50% of the funds due.\n\nCollection agents will lie, cheat, and steal just to get you to talk to them, don't deal with them at all!  No honest person becomes a collection agent... or if one does, they soon lose all aspects of humanity they once had.\n\nGood luck!
1090624
I think the collection agencies actually purchase the debt BUT you are right. The company writes it off and your punishment only should then be a negative mark on your credit. \n\nThey end up getting to write it off AND get their money back when the collection agency buys the debt. All the while you are being chased around by collections... \n\nI'm with you bud.
938272
Yes, but it should not affect the transaction you are having it pulled for. If you do not complete the transaction it will affect the next one you attempt to do. \n\nBrokers do serve a good purpose as they don't have to have your credit run several times to shop for the best loan for you. \n\nYeah that's a blatant ad, but ohh well! business is slow, you gotta start somewhere! :)
42623
Yes - order a copy of your credit report from all three credit reporting agencies (Experian, Transunion and Equifax).  When you receive your credit report, there is a dispute/resolution form inside.  Just fill it out, mail it back and they will remove the derogetory account from you report.  Make sure you go through your entire credit report though, there might be other things on there that need to be resolved as well.\n\nGood Luck!
1147915
Some do... at the FatWallet forums (which I'll link to), they've compiled a list of the financial institutions (as well as some other companies) that are known to do a "hard pull" on your credit report (which messes it up) for non-credit accounts.\n\nhttp://www.fatwallet.com/forums/messageview.php?start=0&catid=52&threadid=260724
912766
Their defense will be that you knowingly used their services.  By making a payment you agreed to the contractual agreements.  I don't think you will win this one with such a defense.  Sorry.
387028
I work for a debt management company. I have heard of them they are a genuine creditor. If they are a good company or if that is a good deal I don't know. What they are offering is typically called a pre-paid or partially prepaid credit card. they are very common when you are rebuilding your credit. there are more well known companies that you could go through- talk to your bank, and I think paypal offers one
297587
Yes the can.\n\nIf/when a creditor "charges off" a debt, he is taking it off his books.  The loss can be taken off his taxes as a bad debt.  \n\nCollection agencies buy these contracts, and will continue to attempt to collect on them.  The only thing stopping them is the Statute of Limitations.  Depending on the state you live in, (Michigan, for example, is 6 years), they can still sue you.  After that, you no longer have a legal obligation to pay.