Your Credit History

Setting up a debt management plan

A credit agency may help you make a debt management plan. You pay the agency. The agency pays your bills. Many companies will reduce your debt or fees if you use this plan.

There is usually a fee for this service.
Ask the agency how much they will charge you. The fee to enroll in the plan should not be more than $50 - $75.

It may take 48 months or longer.
Ask the agency how long they think it may take to pay your debt.

It will stay on your credit report.
It will take time and good credit management to fix your credit.

The plan may not include your
“secured” debts like a house or a car.
You will need to pay those loans directly.

Contact your credit card companies to make sure they will agree to work with the agency you choose.

Back to How to Repair Your Credit