CIGIE Conference, July 11, 2018: Building on 40 Years of Excellence in Independent Oversight
Debt consolidation is one of the most popular options for people who are struggling with multiple debts. It involves combining several debts into one single loan with a lower interest rate. This can make it easier to manage your debt and can help you get out of debt faster. But one question many people have is: How long does debt consolidation stay on your record?
When you consolidate your debt, it is reported to the three major credit bureaus – Experian, Equifax, and TransUnion. This means that it will stay on your credit report for up to seven years from the date it was reported. This applies to both the original debts and the new consolidated loan.
But just because your debt consolidation is reported to the credit bureaus doesn’t mean it will have a negative effect on your credit score. In fact, debt consolidation is generally seen as a positive step when it comes to managing your debt and improving your credit score. This is because it helps to lower the amount of debt you owe and makes it easier to keep up with your payments.
However, there are some potential drawbacks to debt consolidation. For example, if you take out a consolidation loan with a higher interest rate than what you were paying on your original debts, it could end up costing you more money in the long run. Additionally, if you don’t make your payments on time, it could have a negative impact on your credit score.
When it comes to debt consolidation, it’s important to make sure that it’s the right choice for you. You should consider all of your options and make sure you understand the terms of the loan before you commit. Additionally, it’s a good idea to create a budget and stick to it, so you can make sure you’re able to make your payments on time and keep your debt under control.
When it comes down to it, debt consolidation can be a great way to manage your debt and improve your credit score. But it’s important to understand how long it will stay on your record and how it will affect your credit score. With the right information and approach, debt consolidation can be a powerful tool to help you get back on track.
Key Points:
• Debt consolidation is reported to the three major credit bureaus and will stay on your record for up to seven years.
• Debt consolidation is generally seen as a positive step when it comes to managing debt and improving your credit score.
• Debt consolidation can have potential drawbacks, such as a higher interest rate, so it’s important to understand the terms of the loan before committing.
• To make sure debt consolidation is the right choice, create a budget and make sure you can keep up with your payments.
People Also Ask:
Q: Does debt consolidation hurt your credit?
A: Debt consolidation is generally seen as a positive step when it comes to managing debt and improving your credit score. However, if you take out a consolidation loan with a higher interest rate than what you were paying on your original debts, or fail to make your payments on time, it could have a negative impact on your credit score.
Q: How does debt consolidation work?
A: Debt consolidation is the process of combining several debts into one single loan with a lower interest rate. This can make it easier to manage your debt and can help you get out of debt faster.
Q: Can I consolidate my debt with a credit card?
A: Yes, you can use a credit card to consolidate your debt. However, it is important to be aware of the interest rate and payment terms of the card before you commit.
How long does debt consolidation stay on your record? – Best Deal Right Now?
Inspectors General are Building on 40 Years of Excellence in Independent Oversight. Learn more: https://www.ignet.gov/2018-commemoration.
12:00 Welcome – Carol Ochoa and Dave Berry, Conference Co-Chairs
30:00 Opening Remarks – Senator Charles Grassley
59:30 Keynote Address, “The Real Legacy of Watergate” – Bob Woodward, Associate Editor, Washington Post
1:44:14 Panel Discussion – Commemorating 40 years of Impact
Gaston Gianni, Former Inspector General, Federal Deposit Insurance Corporation
Mary Kendall, Acting Inspector General, Department of the Interior
David Williams, Former Inspector General, United States Postal
Service
Scott MacFarlane, NBC-4 Washington (Moderator)
2:26:30 Panel Discussion – Congressional Views on Independent Oversight
Senator Ron Johnson, Chairman, Senate Homeland Security and
Governmental Affairs Committee
Senator Heidi Heitkamp, Senate Homeland Security and Governmental Affairs Committee
Paul Light, Goddard Professor of Public Service, NYU (Moderator)
4:37:38 Panel Discussion – Agency and Outside Perspectives on Independent Oversight
William Barr, Former U.S. Attorney General
Sylvia Burwell, Former HHS Secretary and OMB Director
Martha Minow, Harvard Law School
Glenn Fine, Acting Inspector General, Department of Defense (Moderator)
5:36:37 Panel Discussion –The Pillars of Independent Oversight
David Apol, Acting Director, Office of Government Ethics
Henry Kerner, Special Counsel, Office of Special Counsel
Daniel Levinson, Inspector General, Department of Health and Human Services
Max Stier, Partnership for Public Service (Moderator)
6:53:00 Panel Discussion – Preparing for the Next 40 years of Independent Oversight
Margaret Weichert, Deputy Director for Management, Office of
Management and Budget
Michael Horowitz, Inspector General, Department of Justice/CIGIE
Chair
Peg Gustafson, Inspector General, Department of Commerce
Susan Gibson, Inspector General, National Reconnaissance Office
Carrie Johnson, National Public Radio (Moderator)
7:55:00 Closing – Michael Horowitz, Inspector General, Department of Justice/CIGIE Chair
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