Does credit counseling show up on credit report?

Question

Hi,

i'm currently enrolled in credit counseling because i consolidated all my credit cards. I plan to pay it off within the next couple of months. Will it still show up on my credit report even after I paid if all off? If so, for how long?

Answer 1

Yes it does and any accounts that were satisifed under credit counselling will remain on your report for a minimum of 3 years from the date of last payment.

Answer 2

When you are on a Debt Management Program(DMP) it will be noted on your credit report that you are.

What a true DMP does NOT do is settle your debts for less, it reduces your interest rate enabling you to pay more to the debt.  So once you are off of the program these notations will be removed from your credit report.  

Even though you are currently in one you should be sure that they are a member of the National Foundation for Credit Counseling, at http://www.nfcc.org