A DMP alone is not credit counseling, and DMPs are not for everyone. Don’t sign up for one of these plans unless and until a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills. In a DMP, you deposit money each month with the credit counseling organization. It uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees. But it’s a good idea to check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments; it could take 48 months or more to complete your DMP. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan. Debt settlement programs typically are offered by for profit companies, and involve them negotiating with your creditors to allow you to pay a “settlement” to resolve your debt — a lump sum that is less than the full amount that you owe. If you have good credit then you have a high credit rating, and have paid your bills on time most of the time in the past. If you have bad credit then you have a low credit rating, and have had problems paying your bills on time or haven't paid some of them at all. People with bad credit are considered a risk for new credit lines because of their past performance, and are usually either denied credit or services with new providers or have to pay security deposits and higher interest rates than those people with good credit. What options exist for people who have less than perfect credit?If you have bad credit then it might seem like you can't get anyone to take the risk to extend you a loan or credit line, at least at first glance. In reality, though, there is an entire industry of bad credit lenders, from credit card companies to cheque advance lenders… even automotive financing and car title loans. Many of these lenders do require security deposits or higher interest rates, but in exchange they offer services that you might otherwise be unable to get.
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Credit Aid Software's intended use is to help automate the process of cleaning up your credit history reports.