Consolidated Credit Solutions, Inc. is a nonprofit organization dedicated to helping individuals with debt settlement, debt consolidation loans and credit counseling. Along with credit services, it also offers debt education through a library of free guides and housing counseling through HUD-certified agents.

nonprofit credit counseling organizations Consolidated Credit is one of the nation's largest and oldest nonprofit credit counseling organizations. Our mission is to help people end financial crises through education and professional counseling.

If you do it right, debt consolidation might slightly decrease your score temporarily. The drop will come from a hard inquiry that appears on your credit reports every time you apply for credit. But, according to Experian, the decrease is normally less than 5 points and your score should rebound within a few months.

Debt consolidation - combining multiple debt balances into one new loan - is likely to raise your credit scores over the long term if you use it to pay off debt. But it's possible you'll see a decline in your credit scores at first. That can be OK, as long as you make payments on time and don't rack up more debt.

Consolidated Credit oversees the program, acting as an advocate for you and your creditors. They negotiate to reduce or eliminate interest charges on your debts and stop future penalties. As a result, you can get out of debt faster, even though you may pay less each month.

Banks, credit unions, and installment loan lenders may offer debt consolidation loans. These loans convert many of your debts into one loan payment, simplifying how many payments you have to make. These offers also might be for lower interest rates than what you're currently paying.

If you take out a new loan or credit card to consolidate debt, the account can stay on your credit report indefinitely while it's open. Once you pay off or close the account, it will remain for up to 10 years if it was in good standing.

Consolidation has potential downsides, too:

• Because consolidation may lengthen the repayment period, you'll likely pay more interest over the long run.
• You might lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.

If you do it right, debt consolidation might slightly decrease your score temporarily. The drop will come from a hard inquiry that appears on your credit reports every time you apply for credit. But, according to Experian, the decrease is normally less than 5 points and your score should rebound within a few months.

seven years If you take out a debt consolidation loan, it will stay on your credit report for as long as the loan is open. If you make payments on your loan and keep it in good standing, this can be a good thing. However, if you miss a payment, later payments can stay on your credit report for up to seven years.

If you consolidate loans other than Direct Loans, consolidation may give you access to forgiveness options, such as income-driven repayment or Public Service Loan Forgiveness (PSLF).

If you do it right, debt consolidation might slightly decrease your score temporarily. The drop will come from a hard inquiry that appears on your credit reports every time you apply for credit. But, according to Experian, the decrease is normally less than 5 points and your score should rebound within a few months.