Debt burdened people today are becoming more dependent on debt consolidation due to its effectiveness in rescuing a person from debt. A person must have a clear understanding about his present financial position. He must be aware of the credits he owes to different creditors.

After verifying his credit bills if he realizes that he can afford to pay it back he needs to organize the plan. But in case he feels that the credit amounts are beyond his affordability means, he should immediately get in touch with a consolidation and seek debt help. This enrollment does not cost a single penny to the debtor. It is a free counseling session where the debt consolidation counselor makes him aware of all the possible options and lays a plan in front of him. It is now for him to choose.

Debt Consolidation Bad Credit

Don’t lose hope if you have bad credit. Even when it seems impossible to pay back your debts under the present situation, debt consolidation is at your aid. The first step you must take is to apply for free debt counseling. The counselor will analyze your financial status and design a debt consolidation plan for repayment of loans. Then he will approach creditors and negotiate on payments. Generally creditors aim to reduce the total debt amount. On successful elimination of debt amounts, the debt counselor shall consolidate the rest of the amount into small monthly installments.

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You may not believe, but it’s true; it doesn't cost anything to the debtor. The reason is, if you apply for bankruptcy the unsecured creditors often receive nothing. Also, in order to get back the money they need to spend some dollars. Considering all these costs, the creditors allow a reduction on debts and also pay the debt consolidation firm for helping them.

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I have just paid off my debt, and yes, I had to de...
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Posts: 1
Credits: 173.55

I have just paid off my debt, and yes, I had to deal with the horrible collections companies calling all the time, how long will it take for the payoffs to reflect on my credit score?

saythatagain -

Welcome - and congratulations on your debt payoff! That must be a great feeling for you.

I would say give the creditors and credit bureaus up to 60 days to have the records updated. Some creditors do not report on a monthly basis - I've even known some to only report quarterly (every 3 months).

Hopefully, you should start seeing updates to your report within the month, but keep an eye on your report - some collection agencies and creditors are bad about never removing the negative information on your report. I've had to contact an old cable company twice to have an old bill removed that was paid years ago. They still reflected it as an open account with a balance due on my credit report!

Let us know how things come out!

Also, since you've just registered here, a debt counselor will be contacting you for a free phone consultation. Feel free to let them know if you don't need their services when they call - let them know you've just paid off all your debt! :-)

Sub: #1 posted on Sun, 01/07/2007 - 04:20

(Posts: 4581 | Credits: 654.65)

Suebee, do you know how a company will update your CR if you had a charge off and paid that off??

Sub: #2 posted on Sun, 01/07/2007 - 05:27

natdust20 natdust20

(Posts: 1345 | Credits: 164.28)

Nat - I'm not sure, but do you think if you called the creditor, they would tell you how they'd handle it? Were they ok to deal with otherwise, when you paid it off? All companies are different in the way they report satisfied debt, whether it was charged off or not.

Sub: #3 posted on Sun, 01/07/2007 - 05:35

(Posts: 4581 | Credits: 654.65)

I'm not sure...It was with First Premier and I paid thru a CA..

Sub: #4 posted on Sun, 01/07/2007 - 05:37

natdust20 natdust20

(Posts: 1345 | Credits: 164.28)

So let me get this clear! After I payoff whatever is on my credit report it should fall off in 60 days and not 7 years? I know that it will take 7 years to fall off if you don't pay it so I'm asking about the time frame if I was to go ahead and pay everything off?

Sub: #5 posted on Tue, 11/18/2008 - 01:43


Derogatory information may remain on your reports for 7.5 years from the Date of First Default whenther paid or unpaid. If you are going to pay off the accounts, do so only after you have an agreement in writing for either full deletion if dealing with CA's and JDB's or an update to pays as agreed when dealing with an OC. Remember that if both a CA(JDB) and the OC are reporting, the CA has no control over the OC's tradeline.

Sub: #6 posted on Tue, 11/18/2008 - 18:58

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

What is this CA (JDB) and OC? Also I can request (in writing) that if I paid the debt off that afterwards they'll remove these items off my credit report?

Sub: #7 posted on Wed, 11/19/2008 - 19:34


CA=Collection Agency
JDB=Junk Debt Buyer
OC=Original Creditor

You would want the Pay For Delete (PFD) in hand prior to paying anything.

Sub: #8 posted on Wed, 11/19/2008 - 20:10

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

Should I pay off a charge off? If so how does that effect my credit, will it ever report in a positve way? If I don't will it ever be looked at in a positive way? And is it possible to repair a bad credit report and have great credit? :?:

Sub: #9 posted on Tue, 11/25/2008 - 20:50


yes but it takes time

Sub: #10 posted on Tue, 11/25/2008 - 21:40

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

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