has anyone tried one of those credit manager companies?

If you are talking about companies that consoladate credit cards where you make one payment to them and they deperse the monies to the various companies, then the answer is yes. It does harm your credit rating..

I am not fully agree with you guys it do harm the rating of the debt taker but it does not have that much impact, the companies who consolidates the debt are using various tactics for this and it does not harm the ratings a lot.

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Debt elimination

Hi Chankya,

Welcome to the forum. It is okay if you do not agree but it does not go without saying that these repair companies harm a lot. Some of them are even scams. The problem lies in us and not them. It should be our responsibility to look into every issue if we want a clean chit. Why would anyone do it with such cleanliness, it is not his account. So we need to make sure that work is happening and the program that is in effect is working out fine.

Hope to see more input from you chankya.

When you use one of these type companies it most definately hurts your credit. You open yourself up for 7 more years of having dorogatory credit. It also show on your bureau that you are using one and that hurts your score and also sends up red flags to any lender that is considering loaning you money.

I was told by our mortgage company some time ago that this is almost as bad as filing bankruptcy, I think this is a bunch of crap, it is not like you are trying to walk away from the debt, you are simply trying to get it under a managable circumstance. I think you should be given a gold star for not just walking away from the debt. The debt companies would be better off excepting what you can afford, rather than loosing out period.

Problem is now you have all these dead debt buyers who buy it up and then hound the hell out of you hoping you would pay it. If you can't afford to pay it in the first place what makes them think you would do it after your credit is already screwed up.

this brings another question to mind. Say a card company like capital one reports derrogatory, they then charge it off, and a debt buyer buys the debt, they then start reporting it. If it is only supposed to be 7 years, how do they get away with everytime a new company buys it, they report it, so this could go on forever. On one debt seven years could end up being forever right, or is it seven years that any of them combined can report on the debt, can anyone clarify this please?

Hey good, sounds like the collection agency is reaging the bad debt account. Which is illegal.. But they find loop hole to get around that.

When your account is turned over to collection agencies the creditor has already charge the account off for tax purposes. The collection agency buys your information from your creditor. Never pay a collection agency. When you pay one it goes on your bureau as paid collections and is another mark against you. It never helps to pay a collection agency and will be on your bureau another 7 years. The best thing is to challenge the negative on your bureau and get it completely taken off. You can do this yourself but for the best and fastest results get a credible credit repair company to do this for you. Notice I said credible. There are reputable credit repair companies out there. I know Im in that business.

shawpiro,
I am really glad that you are here, you are going to be a wealth of information. Can you tell me what a company has to show to prove they own the debt? I am going to go to court with cach here shortly and the judge is telling me that they have to prove that I owe the debt and that I owe the debt to them. I had an account with providian that cach bought, all they have produced is a copy of the old bill. Can you tell me what constitutes proof that of ownership of the debt, I never signed a contract with cach.

That is a good question. Unles they have a copy of the contract with your signature I think they are doomed. My expertise is in removing negatives off bureaus. I am also informed on what and how things reflect on and effect your score. Roll with the flow and make them prove you owe them money. You have nothing to loose. I bet that they are just trying to intimidate you and hope you will fall for it. Let the court decide. Then Ill help you get the judgement off your bureau if you loose. Which is doubtful.

So, Shawpiro, are you saying removing judgements are doubtful?

Im saying that even if they win and get a judgement you can get it removed from your bureau. Almost anything can be removed if you know what your doing!

You are so right!!! If a person knows what they are doing... If they don't, they could get way in over their head... Thats why they should be contacting someone who knows what they are doing.....

You are soo right. Thats why Im here. I want people to know their rights and lend help if Im needed. Anyone is welcome to contact me with no obligation what so ever. I will help anyone if I can.

I can see the great progress int he thread. Amazing information Shawpiro.

CCCS will show on your credit report as a third party service; any form of loan that has manual underwriting will look at it and treat it as a Chapter 13 BK. Only way to get a mortgage with a Chp. 13 BK or CCCS on your report is to find an lender that offers BK buyouts. This will generally only be with sub-prime lenders, and usually only offered with a 2/28 ARM product (from my experience).

Debt Settlement/Negotiation companies don't show up on your credit report as a third party service. They do however, hurt your credit score a little more then CCCS.

Both have benefits and drawbacks, atleast once per day I speak to a client that I refer to a CCCS agency because our program wouldn't benefit them.