Firstly, I'd like to say that I've learned much in the past week that I've been lurking here. I'm new to the credit repair battle and I must say that this site's info and it's members are just awesome. Hopefully I can contribute something of my own while I fight the injustices of the credit game. I came across this bit of info at the MSN Money site. I looked like very basic info until I came across this from FairIsaac's Craig Watts: "Today the FICO score ignores any and all references in a credit report to credit counseling or debt management programs." You can see the full article here: http://moneycentral.msn.com/content/Banking/Yourcreditrating/P38049.asp Any comments on this? I myself am in a good DMP and certainly had second thoughts after reading some of this info here. Kivstev
CCCS is probably the most misundestood topic when it comes to credit. Most of the so called "truths" are just bad info. The arcticle you posted included. "First USA, the credit-card giant, reports its customers as delinquent on their bills until they make three consecutive payments of the new minimums negotiated by their credit services, said spokesman David Webster. Citibank, by contrast, simply adds a note to the credit bureausâ?? files that the customer is enrolled in credit counseling." WRONG...She is referencing reage, which of course only applies to an account that is delinquent in the first place. How can you be delinquent on an account that is current? YOU CAN'T. Utterly clueless. "Credit counseling may have some effect on your credit, or it may have none at all. Some lenders may not want to do business with you after you've completed your plan, but others will." WRONG AGAIN....Some creditors report an R5 status on credit counseling(read they dont want to be used as a credit reference) but as soon as you are nolonger enrolled the R5 comes off and since FICO ignores CCCS anyway your score is the exact same.
