Much of that information comes from your credit report.
Repaying the debt consolidation loan in timely fashion also will help your credit score.
Depending on what your current credit score is, it may not take more than a 25-30 point gain to change you from being a “bad credit” consumer to being a “good credit” consumer.
Debt settlement and payday loans are areas where you must be extremely cautious.
Many lenders simply won’t deal with debt settlement companies and negotiations with those that do often take 2-3 years to settle.
Debt consolidation means taking out one loan and using it to pay off all your other unsecured debts.
Debt consolidation loans simplify the bill-paying process, but they also should make things more affordable because of lower interest rates and lower monthly payments.
They draw a line at “650” or maybe “630” and if your score is below that mark, you have “bad credit” and are unwelcome.
In either case, if you have bad credit, it means you are considered a “high risk” and you will pay a high interest rate for any loan you get.
If you receive one, you may contact the agency that supplied the credit report to verify that all the information in the report was accurate.