Donaldson Williams Credit
Services
Offering
An Honorable Alternative To
Bankruptcy
Debt Settlement – Restoring Your Credit
Since you’ve found this article, there’s a good chance you’re considering debt settlement, or have already enrolled in or completed a debt settlement program. Either scenario puts you in a position of wondering about the restoration of your credit following the completion of a debt settlement program.
How does this process affect your credit score? Well, debt settlement in itself doesn’t negatively impact your credit score – delinquency, however, does. You see, creditors won’t agree to settle your accounts for less than the full balance unless the account has reached a certain stage of delinquency. The majority of individuals who choose debt settlement do so because they’ve previously contacted their creditors for some type of interest reduction or relief, only to be told that the interest rate and fees being charged will remain, and no reduction can be granted. This results in many people seeking an alternative form of relief – either bankruptcy or debt settlement.
Once your accounts become delinquent, obviously your credit score will be reduced, and in some cases, significantly. The good news is that you can indeed restore your credit rating after the process of debt settlement is behind you. Fortunately, your credit score will automatically increase after your creditors report your account’s updated status to reflect a zero balance. In some cases, however, it may be necessary for you to become proactive and work on your credit reports on your own, one at a time.
You see, some creditors are a bit “sloppy” when it comes to credit reporting, and they may not automatically update your accounts. On the other hand, sometimes mistakes are simply present and correction of these mistakes is required.
Of course if you become a client, we believe in being proactive to ensure that your account status is updated with the major credit bureaus sooner rather than later, therefore, Donaldson Williams forwards your settlement documentation free of charge, to all three credit reporting agencies, as well as a request to update your records immediately following a settlement. Once the updates have been made, you can expect a credit score in the mid-600 range within approximately 9-12 months after your accounts have been paid off. This range may be even higher if you’ve kept up on your mortgage(s) and/or automobile loans.
Many debt settlement firms, including Donaldson Williams, Inc., will provide you with the necessary information and documentation required to begin the process of restoring your credit. You see, there really is light at the end of the tunnel, and you will once again hold your head high with a respectable credit rating. I wish you the best in your endeavor to put debt behind you and restore your credit.
If you should have any questions, or need assistance, feel free to contact us. For a free consultation, click here. Remember, Donaldson Williams, Inc. charges absolutely no monthly fee and no set-up costs because we work on a contengency basis, and you don't pay a fee for our services until after a satisfactory settlement has been reached with your creditor(s). |
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As you know, debt settlement allows for
individuals to negotiate with their creditors, and
ultimately reach a satisfactory agreement to pay their
credit accounts off for less than the full balance.
Normally, people successfully reach settlement amounts of
50% or less of the actual amount that is
owed.
Providing
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"I'm not sure how you
work your magic, but thank you for everything you have done.
I would highly recommend your company."
(C.C.
Attorney)
"Marie, we can't thank
you enough for everything you have done for us. We
had a
lot of question
throughout this entire process and you have been so patient and
understanding. We never felt alone because we always knew we
could call or send an email and you would get right back to us.
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J.M. (Q.I.
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“Thanks so much for all you did for us. If we hadn’t found Donaldson Williams we would have surely filed for bankruptcy. You were straightforward from the beginning and we ended up with better results than we thought possible. Every one of our phone calls was returned and your professionalism proved to be unmatched. Again, thanks for saving us over $30,000 and helping us avoid bankruptcy.”
(E.Z. Carpenter)
“Hi…I just wanted to drop you a line to let you know that we appreciate all you did for us during the worst financial crisis we’ve ever faced. I’m so glad we found you and decided to hire you…your dedication to helping us through a difficult time literally saved us thousands of dollars, as well as allowed us to end our financial problems with dignity and ease.”
(D.D. Communications Supervisor)
“Thank you for your help and your patience. Not only did you save us $27,000, but you were very patient with our questions and worries. You really helped to get us through a very bad financial period. Thanks again!"
(J. G. Operations Manager)
"Thanks to you I can sleep again and I can answer my phone again. You were so helpful and kind and there aren't enough words to describe my appreciation. The savings I gained through your program was something I wouldn't have thought could be achieved..."
(E. H. Teacher)
"Enclosed is a check for my final account. Thanks for all your help...it's finally over, but I wanted to let you know that we're so happy we chose your company. We started out scared to death, and here we are paying off our last account. You've been great through this whole mess, and we want you to know that we'll gladly recommend you to other people in the same situation."
(D. H. Administrative Assistant)
"Preston and I cannot thank you
enough for all your hard work (HFC-especially) in helping us
move towards debt freedom. A weight has been lifted and we are
finally free. Thanks again."
((P.G. Systems
Technician)
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for being a caring person and having compassion and empathy
there are so few left in this crazy world. I know you will
have an abundance of blessings in your life. You have
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know it sounds cheesy but it's the honest truth from
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