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Can debt consolidation affect your credit score?

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I know that settlement hurts credit score, the reason might be I'm not paying the full amount I owe. But, I'm a bit confused with debt consolidation. Some people say that it can reduce credit scoe, but others say it's good for finances. Please advice - Can debt consolidation affect your credit score If yes, how much?




It is true that debt consolidation ultimately helps to boost your credit score as it's a positive information on your credit report tat you've paid your debts in full. However, if you had defaulted on any of your accounts, it'll be marked negative on your credit reports. Whatever be the situation, you can opt for consolidating and paying off your debts. It will ultimately help you increase your credit score.

Sub: #1 posted on Fri, 12/16/2016 - 16:33

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