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This is a common concern for those considering Debt Settlement. We discussed how Debt Settlement may impact your credit here. While it’s true that there will most likely be some impact to your credit score, it does not necessarily mean that your credit will be destroyed and that you will never be able to gain a credit account or loan in the future. The good news with credit is that you always have an opportunity to rebuild and start fresh. Negative information will stay on your credit report for 7 years, but the longer it has been since that information was reported, the less impact it will have.
If a creditor sees that you have paid your obligations on time, kept your balances low and utilized credit responsibly moving forward following your settlement, the chances are good that with some time and effort on your part, you will be able to successfully improve your credit and go on to have credit relationships in the future.
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