Found this on MSN: "Contrary to what you might have heard, credit counseling probably wonâ??t hurt your credit score. It used to, but about three years ago Fair Isaac discovered that people in debt-repayment plans were no more likely to default or go bankrupt than other consumers." Here is a link to the full article: http://moneycentral.msn.com/articles/smartbuy/debt/9732.asp What an idiot .... CCCS will likely not hurt your score...
Even though it might sound mean, the answer to the title of your post is YES!!!!! I like the title 'Don't be afraid of credit counseling'. Yes, you should be afraid, very afraid. I know someone just posted that they had a good experience with cccs. Too bad many others can't say that.
i like how she says that very few banks use the old scores. Someone a little while back posted that little bank Washington Mutual's underwriting requirements and they specifically say they don't accept the new scores.
The lady who wrote that silly article has an email address: liz.pulliam@latimes.com Surely she'd like to read this thread. Doc
It may not hurt your score, but I have talked to a loan officer, and she said to her it is the last step before bk. She will not approve anyone that has been in cccs even if their score was 800
I almost used Ameridebt about a year ago. I am SO GLAD I didn't. I even asked them on the phone if using the service would hurt my credit. They made it sound like it would just be a little notation on my credit report and wouldn't be positive or negative.
I will say this, I contacted cccs for hubby, they were straight up and said that it will hurt your credit and chances of getting credit while in the program were slim to none, so at least she was honest.
This is from her latest column: http://www.latimes.com/la-fi-montalk22sep22(0,7260305).column Questions can be sent to her at askliz weston@hotmail.com or mailed to her in care of Money Talk, Business Section, Los Angeles Times, 202 W. 1st St., Los Angeles, CA 90012 I suppose that's a space between "askliz" and "weston", are spaces allowed in email addresses? Funny, I always thought she was a national columnist, not a staff writer for my local paper; maybe she is syndicated.
No spaces are not allowed, I just found this on the LATIMES website (sheeeesh registration is a pain...and all the darn ads) Questions can be sent to her at asklizweston@hotmail .com Has someone sent her a link to this thread, I would not want to inundate her so maybe just one of us should send her an email. -Peace, Dave
Genus Credit Management somehow enables one to enter the program without being reported as using a credit-counseling service. Andrew
I don't see how. The CCCS notation is added by the individual OCs for every reported account that is settled. Saar
