Does debt relief law impact my credit score?

Yes, debt relief law can impact your credit score in Kansas. The main way debt relief law can impact your credit score is by providing a way to negotiate or settle debt with creditors. When you work with a debt relief company to settle a debt, the amount of the debt that you owe is usually reduced. This can be beneficial to people who are struggling to pay off debt, but it can also hurt their credit score. When settling the debt, the creditor will report the debt as being partially paid or settled for less than the full amount. This can have a negative impact on your credit score because it shows you are not paying the full amount the creditor is asking for. Additionally, when you settle your debt, it will remain on your credit report for a period of time, usually up to seven years. Although it will be reported as settled, it can still negatively impact your credit score. Creditors may also view it as a negative if you have recently settled debt. Overall, debt relief law can impact your credit score, but depending on your financial situation and the type of debt relief you qualify for, it may be beneficial for you in the long run. It is important to seek the advice of a financial adviser or credit counselor before entering into any type of debt relief program.

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Does debt relief law impact my credit score?

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