How do those non-profit credit help places work?
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quested one wants to know:
You see them all the time on TV. How do they charge and make money to advertise if they are non-profit? Will doing this sort of thing hurt my credit rating?
You see them all the time on TV. How do they charge and make money to advertise if they are non-profit? Will doing this sort of thing hurt my credit rating?
Tagged with: Credit Help • Credit Rating • Money
Filed under: True Credit
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They are ALL bad. Do not use them. Period.
Make your own arrangement with your creditors.
I made a huge mistake of signing up for one. They basically have you close your accounts so they can negotiate with the lender on how much you should pay every month and consolidate all your debt into one payment and it’s supposed to encourage you to use only cash. It is actually worse than bankruptcy and it stays on your credit report for a while. You will not be able to apply for any type of credit if you really needed it because credit counseling is an automatic denial. If you need help managing credit just call the lender yourself and ask if there is something you can work out with them like have them lower your interest or lower the monthly minimum. It’s a lot of work, but it’s better for you in the long run.