Will using CCCS protect our credit rating?
CCCS does not report your participation in the Debt Management Program to credit bureaus. However, be aware that each creditor deals with CCCS clients in a different way. Some may report your account as current when they receive our proposal, while some do this after receiving three consecutive payments through CCCS.
Other creditors will consider your account delinquent and will continue to report these delinquencies even though you are working with CCCS. They will accept the payments and stop calling you, but they may still report negative information to credit bureaus. It is up to the individual creditor to make changes in the “History of Payment” column on your credit report.
Some of your accounts may be charged to profit and loss by your creditors during the course of your program. This will depend on the condition of the account when you entered the program, the size of the monthly payment you will be able to make, the creditor’s general policy, and other factors. Your Debt Management Program does not replace your contractual legal obligations to your creditors.
Upon completion of the program, we suggest you obtain a copy of your credit report to make sure it’s accurate.