What are the effects of debt settlement on my credit score?
An example of an AI chatbot conversation about the impact of debt settlement on credit scores.
What are the effects of debt settlement on my credit score?
Debt settlement can significantly lower your credit score, often by 100 points or more.
How long does the impact last?
The negative impact can last for up to seven years, but it may improve over time with responsible credit use.
Is debt settlement better than bankruptcy?
It depends on your situation. Debt settlement can be less damaging than bankruptcy, but it still affects your credit.
What should I do after settling my debts?
Focus on rebuilding your credit by making timely payments and keeping your credit utilization low.
Can I negotiate my debt settlement myself?
Yes, many people successfully negotiate their own settlements, but it can be challenging without experience.
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