When will we see that the debts have been paid off on credit report?
Date: Fri, 07/19/2013 17:28
How long does it take for the credit reports to show that we have paid off our debts? We are planning to buy a house somewhere in Suisun City, California. We wish to cut down the debt-to-income ratio in order to get lower rates on loans. My father-in-law has sold his house. We are thinking to pay off the debts with the sale proceeds. Will we see the change in the account status immediately? Do we have to wait for a month to see a change in the credit report?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.