Frequently Asked Questions

What is Debt Consolidation?

Debt consolidation is the process of taking out a new loan in order to pay off several or all of your older debts, thus consolidating them into one, simpler payment. Usually this process will save you money by lowering the total of your interest payments as well. The debt consolidation loan can come in the form of a home equity loan, or home equity line of credit, a new personal loan, or a large-limit credit card account that is opened and then used to pay off the other debts.

What is Debt Negotiation?

Debt negotiation is the process of working with your various lenders in order to convince them to either lower the amount of interest they are charging on your loan, change the payment terms to something more favorable for you, reduce the amount owed, or settle the debt once and for all for a single, lump payment that is usually less than you owe. Credit card companies and lenders see debt negotiations as a last resort and often will not respond to a request for negotiation unless there are signs that you may have their debt discharged through a bankruptcy.

Will Credit Repair Services Hurt my Credit Score?

If you are in a position to need credit repair services, then any damage done by those services will probably not significantly affect your credit score. Also, the different type of credit repair options will have different effects on your credit score and some may actually improve it. For example, debt negotiation may initially be reported negatively on your credit but if you actually pay off the debt as a result, that will be a positive. Simply receiving counseling will not affect your credit score at all.

What is FICO?

Your FICO score is the most common way of computing a credit score. It stands for Fair Isaac & Co. and it is a determination of how likely you are to pay your bills based on your past behavior with other lenders you have had. While you are entitled to a free credit report once per year from each of the credit reporting agencies, according to federal law, you these reports do not include your credit score which must be obtained separately.

Does Credit-Counseling-Search.com Offer Credit Repair Services?

Beyond the free information presented on this site, and the opportunity to connect you with a trusted member of our network of credit counseling services, neither this site or its owners engages in credit counseling of any kind.

Is There Any Charge for Using this Site?

No. The information provided on this site as well as the matching service are free of charge or obligation to you.

How Much Do Credit Counseling Services Cost?

The amount can vary, depending on what type of service is recommended to you and what you accept. Credit counseling services can cost as little as nothing, while debt negotiations may cost a couple hundred dollars depending on the nature and complexity of your debt.