Debt negotiation companies that claim they can wipe your credit clean or guarantee they can reduce your debt are bad because they can?t deliver. But reputable companies can negotiate with your creditors, often reducing your debt 10% to 50%. They can also help you rebuild your credit score by reducing debt and getting a handle on your monthly payments.
Claims That Are Too Good
Companies claiming that debt negotiation has no impact on your credit score or that they can remove negative scores are lying. Creditors will report accounts that have been reduced, and it will stay on your credit history for seven years. All other negative scores, such as late or missed payments, will also be on your record for seven years even if accounts are closed.
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