Debt and Debt Consolidation

Question by K.C.: Attn: Debt Consolidation Participants…Past and Present?
I have been enrolled in a debt consolidation program for about 3 years and have about one more year to go.

My question is on my credit report for each creditor that I have enrolled in the program it reads “payments managed thru a consumer counseling agency” (something along those lines) how long after I have finished the program will this notation remain on my report? Also how long after the program will I be able to get credit again?

FYI I do not need to know how a debt consolidation program works…as I said I have been in it for 3 yrs

I know people have there own opinions about it but I felt for my situation this was the best choice- so please do not give opinions about how I could have paid this debt myself

Please notice that I did not say how soon can I get a credit card I said CREDIT period….for anything specifically a house.

Best answer:

Answer by thake5176
The note on your credit report will remain on your credit until that debt is paid. Once the balance is at zero give it 1 maybe 2 billing cycles to be removed, if after that it is still on the report contact the creditor and they should remove it.

You may be able to qualify for a mortgae now, however with an increase in your FICO you should qualify for a house once your done. It will vary from lender to lender.

What do you think? Answer below!