Free Debt Management Advice for the Work from Home Parent (cont.)
Contributed by Lisa Marie
Your creditors can write notes in the comment sections of the credit bureau reports. As long as the comments are true, there is nothing that you can legally do about it. For example, if a creditor writes a note in the comment section that says something like "Under Credit Counseling Services", (if you are using a service, of course), is there anything wrong with that? To you, it probably doesn't sound bad. You needed a little help and you got it before it was too late. But to future creditors who will see this when they pull your credit, this is another story.
Writing a note like this in the comment section puts up a "red flag". It's basically a warning to future credit providers that you were unable to pay your bills as agreed. If you were a creditor, would you give a high credit limit and great interest rate to this person? I don't think so.
The end of my free advice about debt management.
Consider all avenues before going down this one. Again, talk to some loan officers at financial institutions and mortgage companies about the consequences. They can give you some great free debt management advice, But don't allow them all to pull your credit just yet. Find out what you need to first. When too many people pull your credit, it too can have a devastating effect on your credit.
