Debt Adjustment vs. Consolidation
By: Lucas Jones
What is the difference between the two?
- Form of debt relief that allows an organization or single body to repay a debt.
- Typically over a longer time to repay.
- Smaller payment amounts than the lender originally agreed upon.
- Form of debt refinancing that takes out one loan to pay off many others.
- This commonly refers to a personal finance process of individuals addressing high consumer debt.
- Can secure a lower interest rate to the entire debt load.
What are the three credit reporting agencies?
Why is it important to get a report from them?
- Your credit report is the sole source of information for your credit score.
- If all three reports from each credit agency are identical, you are more likely to be able to receive credit cards from banks, or employers check credit as a part of the application process.