Credit Counseling & Credit Scores

My credit report has several accounts listed as being managed by consumer credit counseling agencies.  This is not the case – how did that get on my credit report?  Is it hurting my score?  What can I do? 

Also, if my credit increases due to being added as an authorized user on someone’s credit card, how does the derogatory credit affect my score then?

Thanks for your help.

Christina

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Hi Christina,

The Consumer Credit Counseling notation does not impact your credit score, but it is viewed as a negative by most lenders reviewing your report.  You should file a dispute with the CRA to have the CCCS notation removed.

The authorized user strategy will be a dinosaur soon.  The same benefit can now be achieved through adding as a joint cardholder.  The problem with the joint account is that you will be stuck with the history whether it is good or bad. 

Thanks for the questions and hope this helps.

Paul