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Debt settlement versus validation of debt program

I was told debt settlement (reducing credit card interest rates) does not effect credit rating, & credit validation program will effect credit rating, but only until debt paid after 1-3 years. Was then told debt settlement DOES actually effect credit rating as it is seen as "soft bankruptcy." Could either of these programs help me and not destroy my credit?

Asked on Thu, 10/22/2015 - 03:00
Humbert
1 Answers

Validation of debt program??? There is no such thing. Debt validation is a step you take (read the FDCPA) forcing the creditor to prove you owe a debt. Debt settlement kills your credit....you are not paying as agreed per your original repayment agreement.

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Answered on Thu, 10/22/2015 - 07:42
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