Many people wonder if consulting with a financial counseling agency will affect their credit score. Your credit score is based on the information contained in your credit report. Simply obtaining counseling, whether it is for debt, housing or other financial issues, has no bearing on your credit score, it is not reported to the credit bureau.
NFCC Certified Credit and Debt Counselors will provide you with a complete overview and understanding of what’s on your credit report, and give you feedback and guidance on ways to improve your credit worthiness.
After completing a credit report review session you will have:
The information included in your credit report includes:
Most lenders use a mathematical formula to generate a “score” to help them determine if you are a good credit risk. The most frequently used version is the FICO® Score created by Fair Isaac and Company. A FICO® Score is a snapshot of your credit risk picture at a particular point in time. FICO® Scores range between 300 and 850 with higher values indicating a lower risk to lenders.
Bottom line. Pay your bills on time, and in full each month. The result? A higher credit score which equates to paying lower interest rates and keeping more money in your wallet.