Does enrolling into a Settlement Forensic Mitigation program have a negative impact on my credit?
Yes, your credit score will decline due to entering this program. Realistically Most of the accounts you place into negotiation are likely to “charge-off”, which will reflect negatively on your credit. However, once this charged off debt is settled, the settlement is reported to the credit bureaus. Settled accounts are positive compared to unresolved delinquent debts or bankruptcy. After all the debts have been settled and paid, the credit score should begin to improve since the negative items have been resolved. Your first priority should be to pay your delinquent debts and get back on the road to financial solvency.
Related Questions
- I graduated high school early and/or attended an early college program, how does this impact my application and credit transfer?
- Did the introduction of the primary and secondary credit programs have any impact on the seasonal credit program?
- Does enrolling into a Settlement Forensic Mitigation program stop collection calls from my creditors?
