what are the negative effects of credit counselling?

i hаνе a bit οf debt thаt im sinking іntο.i wanna know whаt аrе thе negative effects such аѕ credit advisors?

Jeremy F says:

July 14, 2011 at 10:07 am

Going on a DMP will lower your credit score in the beginning only because your accounts on the program will close thus stopping your payment history on open accounts. Once you get towards the end of the DMP your score will increase past what it was before the program. I work for GreenPath debt solutions and we have been in business for 40 years. Other companies like Money Management International and the like are good companies as well. Do some research, make sure the company is a part of the National Foundation for Credit Counseling and check the BBB reviews as well. Oh, creditor’s will report the account as being on a program, it will not affect the score, but some creditor’s will not extend credit to you if you are on a program